Promoter Abrdn Exits HDFC Life, Sells Entire Stake For Rs 2,069 Crore

Abrdn, a promoter of HDFC Life Insurance, on Wednesday divested its entire 1.66 per cent stake in the firm for Rs 2,069 crore through open market transactions. Abrdn offloaded 3.56 crore shares of HDFC Life in 15 tranches through its affiliate abrdn (Mauritius Holdings) 2006 Ltd.

SBI Mutual Fund (MF), Nippon India MF, BNP Paribas Arbitrage, BofA Securities Europe SA, Societe Generale, Morgan Stanley Asia Singapore Pte, Norges Bank and among others were the buyers of the shares of HDFC Life Insurance Company Ltd. According to the block deal data available with the BSE, Abrdn (Mauritius Holdings) 2006 sold 3,56,94,105 shares, amounting to 1.66 per cent stake in the firm.

The shares were disposed of at an average price of Rs 579.6 apiece, taking the transaction value to Rs 2,068.83 crore. As of the March quarter, abrdn (Mauritius Holdings) 2006 Ltd held more than 3.56 crore shares, equivalent to 1.66 per cent stake in Mumbai-based HDFC Life. On Wednesday, shares of HDFC Life Insurance rose 1.04 per cent to close at Rs 591.55 per piece on the BSE. During the day, the stock touched an intra-day high of Rs 602.75 per apiece on the bourse. UK-based abrdn is a global investment company.

(PIT)