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Abrdn to sell stake in India's HDFC Life for at least $305 million via block trade - document

Reuters
·1-min read

BENGALURU (Reuters) - British asset manager abrdn plc will sell a stake of about 2% in Indian insurer HDFC Life Insurance Company through a block trade on Tuesday, according to a document seen by Reuters.

The offer is priced at 564.1-578.55 rupees ($7.11-$7.29) per share. HDFC Life shares closed at 578.55 rupees on Monday. At the lower end of the price range, the share sale would be worth $305 million.

Abrdn holds a 3.7% stake in HDFC Life, exchange data https://www.bseindia.com/corporates/shpPromoterNGroup.aspx?scripcd=540777&qtrid=114.00&QtrName=June%202022 showed. Abrdn and HDFC Life did not immediately respond to Reuters' requests for comment.

BofA Securities is the sole bookrunner to the deal.

($1 = 79.3650 Indian rupees)

(Reporting by Chris Thomas in Bengaluru and Aditi Shah in New Delhi; Editing by Anil D'Silva)