Following the share sale, Abrdn’s stake in HDFC Life has dropped to 1.7 per cent
Abrdn, formerly Standard Life, on Tuesday sold 2 per cent stake in private sector insurer
HDFCLife Insurance Company.
The UK-based firm sold a total of 43 million shares at Rs 574 apiece to mop up Rs 2,469 crore. Shares of HDFC Life last closed at Rs 587.
Societe General bought shares worth Rs 469 crore, Integrated Core Strategies bought shares worth Rs 287 crore and Norges Bank bought shares worth Rs 234 crore, block deal data disclosed by stock exchange showed.
Following the share sale, Abrdn’s stake in HDFC Life has dropped to 1.7 per cent.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Tue, September 13 2022. 21:09 IST