Abrdn likely to sell its entire stake in HDFC Life through a block deal

abrdn, a part of the promoter group of HDFC Life, is selling its entire stake in the firm as part of a block deal on Wednesday. At present, abrdn holds 35.7 million shares or a 1.66 per cent stake in the insurance firm.

The shares will be sold between Rs 563.2 and Rs 585.15 each. At the upper end of the price band, the block sale would fetch abrdn Rs 2,088 crore.

The stock of HDFC Life ended Tuesday's session at Rs 585.45 per share with a gain of 1.10 per cent. Bank of America is the sole book-runner for the deal. abrdn is a part of HDFC's promoter group along with Housing Development Finance Corporation (HDFC), which holds a 48.65 per cent stake. HDFC Life got listed in November 2017. From its issue price of Rs 290, the stock has gained 102 per cent so far.

HDFC Bank offers 7.25% for 55 month deposits

HDFC Bank – the country’s largest private sector lender – announced two special deposit schemes for retail customers offering 7.25 % interest on fixed deposits held for 55 month and 7.20 % interest on fixed deposits held for 35 months.

Senior citizens will get 50 bps more than the card rate.

The special tenure fixed deposit schemes can be availed on deposits under Rs 2 crore.

“As deposit rates are near their peak, the new Special Edition Fixed Deposit scheme will benefit customers looking to keep their money for extended term with assured high returns,” the bank said.