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Home » Business » HDFC Life Insurance stock rises 2 pc on Abrdn stake sale news

HDFC Life Insurance stock rises 2 pc on Abrdn stake sale news

Aberdeen is planning to sell up to 4.3 crore shares representing 2 percent of HDFC Life's outstanding shares through a block deal to raise over Rs 2,425 crore.

By Newsd
Published on :
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Shares of HDFC Life Insurance Company surged 2 percent in morning trade after the UK-based investment company Abrdn said it is planning to sell 4.3 crore shares in the private sector insurer through a block deal.

Aberdeen is planning to sell up to 4.3 crore shares representing 2 percent of HDFC Life’s outstanding shares through a block deal to raise over Rs 2,425 crore.

On BSE, HDFC Life stock opened at Rs 601, then gained 2.60 percent to touch Rs 606 in initial deals.

A similar movement was seen on the NSE as well, where shares of the company opened at Rs 605 apiece, then touched Rs 589.95, up 1.97 percent from its previous closing price.

The Edinburgh-based company, which was formerly known as Standard Life Abrdn, has offered the shares in the price band of Rs 564.1-578.55, which is a discount of up to 2.5 percent on the scrip’s close on Monday in the block deal.

The shareholding of Abrdn, one of the promoters of the insurer, will fall to 1.7 percent after the trade is executed from the present 3.7 percent, as per the term sheet. Mortgage major HDFC, the other promoter in the private sector insurer, will continue to hold 48.7 percent of the company.

Bofa Securities is the sole bookrunner for the sale of shares.

At the lower end of the offer price range, Abrdn will be booking an income of Rs 2,425.6 crore or USD 305 million.

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