INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of HDFC Life Insurance Company slipped nearly 4 per cent on Tuesday morning as Standard Life, the joint venture partner in
HDFC Life Insurance, was set to sell close to 5 per cent stake in the company to meet public shareholding norm
"The share sale will fetch around Rs 3,570 crore to Standard Life
The floor price for the offer is set at Rs 357.5 and the share sale will be conducted over the next two days
Standard Life will sell up to 7 crore shares, or 3.47 per cent, of the total equity of HDFC Life Insurance Company on March 12 through the
offer for sale (OFS) route with an option of selling additional 1.46 per cent, or 2.95 crore shares, in the event of oversubscription," ET
The scrip hovered at Rs 375, down 3.80 per cent at around 09:40 am while the benchmark BSE Sensex was up 0.92 per cent at 37,395.64
Meanwhile, the shares of HDFC Life opened at Rs 368.80 on BSE against its previous closing of Rs 389.80.
