UK's Abrdn mulls to sell 4.3 cr HDFC Life shares to raise up to ₹2,425 crore
1 min read 12 Sep 2022, 10:40 PM ISTAccording to the term sheet, the shareholding of Abrdn -- one of the promoter -- will fall to 1.7 per cent after the trade is executed from the present 3.7 per cent.
PremiumUnited Kingdom-based investment company Abrdn is mulling to sell up to 4.3 crore sales representing 2 per cent of HDFC Life Insurance Company's outstanding shares through a block deal to raise over ₹2,425 crore.
Formerly known as Standard Life Aberdeen, the Edinburgh-based firm has offered the shares in the price band of ₹564.1 to ₹578.55, which is a discount of up to 2.5 per cent on the scrip's close on 12 September in the block deal.
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According to the term sheet, the shareholding of Abrdn -- one of the promoter -- will fall to 1.7 per cent after the trade is executed from the present 3.7 per cent. Though mortgage major HDFC, the other promoter in the private sector insurer, will continue to hold 48.7 per cent of the company.
The term sheet adds that at the lower end of the offer price range, Abrdn will be booking an income of ₹2,425.6 crore or $305 million.
On Monday, the HDFC Life scrip closed 0.68 per cent up at ₹579.90 apiece on the BSE as against gains of 0.54 per cent on the benchmark.
With PTI inputs.
