According to Bloomberg, shares of HDFC Life Insurance opened higher on Tuesday after a block deal of about 43 million shares.

According to Bloomberg, about 43 million shares, or 2% of the company’s shares, changed hands in a series of transactions. However, the exact circumstances of the buyer and seller are unknown. The stock was trading at Rs 594 on the BSE at 9:17 am, up 2.5% from its previous close.

On Monday, CNBC-TV18 reported that Edinburgh-based financial and insurance company Abrdn Plc is expected to sell 43 million HDFC Life Insurance Company shares at Rs 564-578.5 per share.

It was also reported that Abrdn Plc, formerly Standard Life, could raise as much as $313 million through its share sale. Bank of America Securities will handle the stock sale. Abrdn holds a 3.7% stake in HDFC Life, according to exchange data.

Abrdn plc, formerly Standard Life Aberdeen plc, is listed on the London Stock Exchange and is a constituent of the FTSE 100 index. It is an active asset manager in the UK, investing in equities, multi-asset, fixed income, liquidity, sovereign wealth funds, real estate and private markets.