HDFC updates on proposed IPO of HDFC Standard Life Insurance Company Ltd

HDFC Standard Life Insurance Company Ltd (HDFC Life), a material subsidiary of Housing Development Finance Corporation Limited (HDFC) has on August 18, 2017, filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 29,98,27,818 equity shares of Rs. 10 each of HDFC Life representing 14.97% of its issued and paid-up equity share capital, for cash, through an offer for sale of 19,12,46,050 equity shares by the corporation and 10,85,81,768 equity shares by Standard Life (Mauritius Holdings) 2006 Limited, representing 9.55% and 5.42% respectively.

The offer includes proposed reservations:

- up to 21,44,520 equity shares (constituting up to 0.11% of the post offer paid up equity share capital of HDFC Life) for purchase by the eligible HDFC Life employees.

- up to 8,05,000 equity shares (constituting up to 0.04% of the post offer paid up equity share capital of HDFC Life) for purchase by the eligibile HDFC employees; and

- 2,99,82,781 equity shares (constituting up to 1.50% of the post-offer paid up equity share capital of HDFC Life) for purchase by individual and Hindu Undivided Family (HUF) shareholders of the corporation as on the date of filing the draft red herring prospectus i.e, today, August 18, 2017.

Shares of HOUSING DEVELOPMENT FINANCE CORP.LTD. was last trading in BSE at Rs.1730 as compared to the previous close of Rs. 1758.15. The total number of shares traded during the day was 501623 in over 2561 trades.

The stock hit an intraday high of Rs. 1758 and intraday low of 1727.05. The net turnover during the day was Rs. 870312526.

Source : Equity Bulls

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