UK-based investment firm Abrdn expected to sell up to 4.3 crore in sales representing 2% of
through a block deal, a Reuters report said on Monday.
According to available BSE data, 4.43 crore of shares worth Rs 2,489.09 crore traded as of 10 a.m. Tuesday. Similarly, 0.46 crore of shares amounting to Rs 274.37 crore were traded on the National Stock Exchange (NSE) at the same time.
Data from both exchanges suggests the deal has been completed, but ETMarkets.com could not independently verify this. Buyer information was not known until the time of writing this report.
Following the update, HDFC Life Insurance zoomed around 5% to Rs 606 on Tuesday, before giving up the majority of its gains to trade at Rs 590.30 as of 10 a.m. The certificate closed at Rs 579.90 on Monday.
Investment bankers said Edinburgh-based Abrdn had offered the shares in the price range of Rs 564.1 to Rs 578.55, a discount of up to 2.5% on the certificate’s close on Monday. .
Abrdn, formerly known as Standard Life Aberdeen, is among the promoters of the company, whose shareholding will drop from 3.7% to 1.7%.
HDFC, the private sector insurer’s other promoter, will continue to hold a 48.7% stake in the company. Bofa Securities is the sole bookrunner for the sale of shares.
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