Abrdn exits HDFC Life, sells entire stake for Rs 2,069 crore

1 Jun 2023 , 10:17 AM

In open market transactions on Wednesday, Abrdn, a promoter of HDFC Life Insurance, sold its whole 1.66% ownership in the company for Rs 2,069 crore. Through its entity Abrdn (Mauritius Holdings) 2006 Ltd., Abrdn sold 3.56 crore shares of HDFC Life in 15 instalments.

Shares of HDFC Life Insurance Company Ltd. were purchased by SBI Mutual Fund (MF), Nippon India MF, BNP Paribas Arbitrage, BofA Securities Europe SA, Societe Generale, Morgan Stanley Asia Singapore Pte, Norges Bank, and others.

A 1.66% stake in the company was sold by Abrdn (Mauritius Holdings) 2006 by selling 3,56,94,105 shares, according to block deal data made accessible by the BSE.

The transaction value increased to Rs 2,068.83 crore when the shares were sold at an average price of Rs 579.6 per share.

Abrdn (Mauritius Holdings) 2006 Ltd owned more than 3.56 crore shares, or 1.66% of Mumbai-based HDFC Life, as of the March quarter.

Shares of HDFC Life Insurance closed the day on the BSE at Rs 591.55, up 1.04%. The stock reached a high of Rs 602.75 per share during the trading session.

Global investment firm Abrdn is headquartered in the UK.

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