Abrdn sells entire 1.66% stake in HDFC Life Insurance for ₹2,069 crore

HDFC Life Insurance Company’s promoter entity Abrdn has sold its entire stake of 1.66% in the company for ₹2,069 crore through open market transactions, BSE block deal data showed.

The UK-based investment company Abrdn divested 3,56,94,105 shares of HDFC Life Insurance Company at ₹579.60 apiece in 15 tranches through its affiliate Abrdn (Mauritius Holdings) 2006 Ltd.

SBI Mutual Fund (MF), BofA Securities Europe SA, Societe Generale, Nippon India MF, Morgan Stanley Asia Singapore Pte, Norges Bank, BNP Paribas Arbitrage, among others bought the shares of HDFC Life Insurance Company Ltd.

Abrdn (Mauritius Holdings) 2006 Ltd held 1.66% stake in HDFC Life Insurance Company as of the quarter ending March 2023.

In September 2022, Abrdn had sold its 2% stake in HDFC Life Insurance for nearly ₹2,500 crore.

On Wednesday, shares of HDFC Life Insurance ended 1.04% higher at ₹591.55 apiece on the BSE. 

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