Abrdn to offload 2% in HDFC Life in block trades, put 43 mn shares on block

Price range set at Rs 564.1-578.55 per share; sale could fetch UK-based financial major at least Rs 2,425.6 cr

Abrdn, formerly Standard Life, is looking to sell 2 per cent of its stake in private sector insurer HDFC Life Insurance Company via block trades on Tuesday.

According to the term sheet, Abrdn (Mauritius Holdings) has put on block 43 million shares of HDFC Life at Rs 564.1-Rs 578.55 per share. Shares of HDFC Life closed at Rs 580 apiece on Monday.

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