HDFC Life Insurance shares rose on Wednesday after UK-based ABRDN — formerly known as Standard Life Aberdeen — sold its entire stake of 1.66 per cent in the Mumbai-based life insurer through block deals.

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The HDFC Life stock — traded on the bourses with the symbol HDFCLIFE — gained by Rs 17.3 or three per cent to touch Rs 602.8 at the strongest level of the day on BSE.

ABRDN sold 3.6 crore HDFC Life shares at Rs 565-585 per share on Wednesday, making the transaction worth about Rs 2,010 crore.

According to Zee Business research, HDFC Bank, India’s largest private sector bank, will reportedly acquire the entire stake of ABRDN in HDFC Life from its joint venture partner.

In the past one month, HDFC Life shares have gained nine per cent after the RBI allowed HDFC Bank or HDFC to increase their shareholding in HDFC Life and HDFC ERGO to more than 50 percent.

As of March 2023, HDFC Bank and HDFC have 1,04,57,60,149 equity shares or 48.65 per cent stake in HDFC Life Insurance, according to the shareholding pattern of the company. 

HDFC Life Q4 results

Last month, HDFC Life Insurance reported decent numbers for the quarter ended March 2023. The company's net profit stood at Rs 359 crore, nearly unchanged on a year-on-yera basis, and net premium income grew 36 per cent to Rs 19,426 crore. READ MORE LINK

HDFC Life Insurance dividend

HDFC Life Insurance's board recommended a final dividend of Rs 1.9 per equity share for the financial year 2022‐23.

(This story will be updated shortly)