United Kingdom-based investment company Abrdn is looking to sell up to 43 million shares, representing 2 per cent of HDFC Life Insurance Company’s outstanding shares, through a block deal. 2,425 crores.
The Edinburgh-based firm, formerly known as Standard Life Aberdeen, has offered shares in the K price band. from 564.1 578.55, which is a discount of up to 2.5 per cent at the close of the stock on September 12 in the block deal.
Read also: HDFC Life Launches Click2Protect Super Term Insurance Policy
According to the term sheet, Aberdon’s stake — a promoter — will drop to 1.7 percent once the business is executed from the current 3.7 percent. However, mortgage major HDFC, the other promoter in the private sector insurer, will continue to hold 48.7 per cent of the company.
The term sheet states that at the lower end of the offer price range, Abrdn will book earnings 2,425.6 crore or $305 million.
Shares of HDFC Life closed with a gain of 0.68 per cent on Monday At 579.90 on the BSE, against a gain of 0.54 per cent on the benchmark.
With PTI input.
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