Cyril Amarchand Mangaldas advised abrdn (Mauritius Holdings) 2006 Limited (abrdn) in relation to the secondary trade by abrdn in HDFC Life Insurance Company Limited (HDFC Life).
abrdn is one of the promoters of the HDFC Life and has undertaken multiple share sale after the IPO of the Company.
The Capital Markets Practice of Cyril Amarchand Mangaldas advised abrdn Group on the transaction documents. The transaction team was led by Abhinav Kumar, Partner.
Tax advisory was provided by SR Patnaik, Partner & Head - Taxation; Kunal Savani, Partner; with assistance from Bipluv Jhingan, Principal Associate.
As a part of the transaction, abrdn undertook the sale by way of share sale on the screen-based trading of BSE Limited for an aggregate consideration of Rs 2,434 crores (approx.). The transaction involved a sale of 43,000,000 equity shares of the face value of Rs. 10 each of HDFC Life, representing 2.00 per cent (approx.) of the total issued and paid-up equity share capital of HDFC Life, by abrdn.
Other Parties and Advisors to the transaction included BofA Securities India Limited (acted as the Broker).
The aggregate value of the transaction is INR 2,434 crore (approx.).
The transaction was signed on September 13, 2022; and closed on September 15, 2022.
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( With inputs from ANI )
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