INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The two-day offer for sale (OFS) by HDFC Life Insurance Company saw a strong response from non-retail investors on Tuesday, as
the issue was subscribed 2.60 times of the base issue and 1.83 times of the total issue on Day 1.
The issue received institutional bids for
16.4 crore shares against the non-retail quota of 8.95 crore shares
A total of 90 per cent of the offer size is reserved for institutional investors
The rest is for retail investors, who can participate in the issue on Wednesday
The life insurance company offered up to 7,00,00,000 equity shares with an option to sell an additional 2,95,00,000 equity shares
The floor price for the offer is set at Rs 357.5
Standard Life, the joint venture partner in HDFC Life Insurance, is looking to sell nearly 5 per cent stake in HDFC Life Insurance Company
to meet public shareholding norm.
"The share sale will fetch around Rs 3,570 crore to Standard Life
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
At present, Standard Life holds 29.2 per cent, while HDFC owns 51.5 per cent
