Shares of HDFC Life Insurance Company settled with gains of over 1 percent for the day after UK-based investment firm Abrdn plans to sell 4.3 crore shares in the private sector insurer through a black deal.

Abrdn plans to raise over Rs 2,425 crore through a block deal of 4.3 crore shares representing 2 per cent of HDFC Life's outstanding shares.

Shares of HDFC Life opened at Rs 601 on BSE, touched an intra-day high of Rs 606 and fell to a low of Rs 585.35 during the trading session. The stock finally settled at Rs 586.90, up 1.21 percent from its previous closing price.

At the close of trading hours on Tuesday, HDFC Life Insurance Company had a market capitalization of Rs 1,24,027.23 crore.

On the NSE, the company's shares are priced at Rs. 605 and finally closed at Rs 586.50, up 1.37 percent from its previous closing price.

The 30-share Sensex closed up 455.95 points, or 0.76 per cent, at 60,571.08. The broader Nifty rose 133.70 points, or 0.75 percent, to settle at 18,070.05.

The Edinburgh-based company, formerly known as Standard Life Aberdeen, has offered the shares in the price band of Rs 564.1-578.55, which is a discount of up to 2.5 per cent on the scrip's close on Monday in the block deal.

The shareholding of Abrdn, one of the promoters of the insurer, will fall to 1.7 per cent after the trade is executed from the present 3.7 per cent, as per the term sheet. Mortgage major HDFC, the other promoter in the private sector insurer, will continue to hold 48.7 per cent of the company.

Bofa Securities is the sole bookrunner for the sale of shares.

At the lower end of the offer price range, Abrdn will be booking an income of Rs 2,425.6 crore or USD 305 million.