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Abrdn exits HDFC Life but who bought the stake?

HDFC Life shares have gained 15 percent after the Reserve Bank of India on April 21 allowed HDFC Bank or HDFC Limited to increase the shareholding in the company to more than 50 percent

June 01, 2023 / 10:34 IST
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Promoter entity abrdn exited HDFC Life Insurance on May 31 by selling its entire holding of 3.56 crore shares, or 1.66 percent stake, to various investors, at an average price of Rs 570.60 per share. The stake sale was worth Rs 2,036.7 crore.

A part of the stake was picked by foreign funds like Morgan Stanley Asia, WF Asian Smaller Companies Fund, BofA Securities, Societe Generale, Amazon Market Nuetral and BNP Paribas Arbitrage.

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Societe Generale was the biggest buyer and picked 33 lakh shares. Norges Bank on account of Government Petroleum Fund also 27.5 lakh shares.

Among domestic institutions, SBI Mutual Fund, ICICI Prudential MF, Nippon India MF and Aditya Birla Sun Life MF were the prominent names. ICICI Prudential MF picked about 25 lakh shares, ABSL MF took 23 lakh shares while SBI MF was the biggest buyer with over 1 crore shares, data showed.