Shares of HDFC Life Insurance on Tuesday opened higher in the opening trade after a huge block deal in which around 43 million shares changed hands, according to a Bloomberg report.
Around 43 million shares, or 2% stake of the firm, changed hands in bunch trades, Bloomberg report said. However, details of the buyers and sellers were not known. At 9.17am, the stock was trading at Rs 594on BSE, up 2.5% from its previous close.
On Monday, CNBC-TV18 reported that Abrdn Plc, Edinburg-based finance and insurance company, is expected to offload 43 million shares in HDFC Life Insurance Company in the price band of Rs 564-578.5 per share.
It is also reported that Abrdn Plc, earlier known as Standard Life, may raise up to $313 million through its share sale. BofA Securities will handle the share sale. Abrdn holds a 3.7% stake in HDFC Life, exchange data showed.
Abrdn plc, formerly Standard Life Aberdeen plc, is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is the active asset manager in the UK, with investments in equities, multi-asset, fixed income, liquidity, sovereign wealth funds, real estate and private markets.
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