Abrdn sells 1.66% stake in HDFC Life for Rs 2,069 crore

Mumbai: UK-based investment company Abrdn has sold its entire 1.66% stake in HDFC Life Insurance through a block deal on Wednesday for about ₹2,069 crore, according to BSE bulk deals data.

The Edinburgh-based fund, which was formerly known as Standard Life Aberdeen, has sold 3.57 crore shares at ₹579.60 apiece.

SBI Mutual Fund bought 1.42 crore shares worth ₹823 crore, while Society Generale purchased 33 lakh shares worth ₹193 crore. Other large buyers include Norges Bank, WF Asian Smaller Companies Fund, Aditya Birla Sun Life MF, ICICI Prudential Mutual Fund, and T Rowe Price Asia bought shares worth between ₹100 crore and ₹150 crore.


The UK-based firm has earlier divested a nearly 33.34% stake in HDFC Life since its IPO in November 2017. Standard Life held a 35% stake pre-initial public offer, which was reduced to 1.66% at the end of September 2022.

Abrdn sold 4.3 crore sales representing 2% of HDFC Life Insurance last year in September through a block deal to raise nearly ₹2,500 crore.

HDFC Life shares gained 1.23% to close at ₹592 on Wednesday.