Shares of HDFC Life rose over two per cent in BSE intraday trade amid spurt in volume as an Edinburg-based finance and insurance company will sell two per cent stake in the domestic insurance giant. As per Zee Business, ABRDN Plc, the Edinburg-based company, will offload 4.3 crore share (four crore thirty lakh shares) of HDFC Life.
The Edinburg-based insurance company aims to raise around Rs 31.3 crore from the share sale. ABRDN Plc held 3.72% stake in HDFC Life.
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Shares of HDFC Life were trading higher by 1.8% to Rs 590.50 per share in BSE intraday trade around 11.15 am on Tuesday. The Edinburgh-based company, which was formerly known as
Standard Life Aberdeen, has offered the shares in the price band of Rs 564.1-578.55, which is a discount of up to 2.5 per cent 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 per cent after the trade is executed from the present 3.7 per cent, as per the term sheet. Mortgage major HDFC, the other promoter in the private sector insurer, will continue to hold 48.7 per cent 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.