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The share sale may fetch the UK-based financial major at least Rs 2,425.6 crore.
The promoter shareholding in HDFC Life stood at 51.2 per cent at the end of June 2022 quarter. Mortgage lender HDFC Ltd owns 47.79 per cent and Abrdn 3.7 per cent.
HDFC Life recently allotted 37.5 million shares to HDFC on a preferential basis to raise Rs 2,000 crore.
According to the term sheet, currently, the promoter entities of HDFC Life own a 52.3 per cent stake in the insurer, with HDFC owning 48.7 per cent and Abrdn (Mauritius Holdings) holding 3.7 per cent.
After the block trade, Abrdn will hold a 1.7 per cent stake in the company, and the promoter entity's stake will come down to 50.3 per cent.
According to the insurance regulator’s norms, minimum shareholding by promoters/promoter group of the company is required to be maintained at 50 per cent of the paid-up equity capital of the company.
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First Published: Mon, September 12 2022. 20:45 IST