Abrdn sells 2% stake in HDFC Life at Rs 574 a share, mops up Rs 2,469 cr

Societe General bought shares worth Rs 469 cr, Integrated Core Strategies bought shares worth Rs 287 cr and Norges Bank bought shares worth Rs 234 cr

Abrdn, formerly Standard Life, on Tuesday sold 2 per cent stake in private sector insurer HDFC Life 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.