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HDFC Life IPO from November 7
HDFC Standard Life Insurance, which opens its Rs 8,700 crore IPO on November 7, on Monday said it has fixed its price band at Rs 275-290 per equity share. The private insurer\'s Initial Public Offer will open on November 7 and close on November 9.
Mumbai: HDFC Standard Life Insurance, which opens its Rs 8,700 crore IPO on November 7, on Monday said it has fixed its price band at Rs 275-290 per equity share. The private insurer's Initial Public Offer will open on November 7 and close on November 9.
"The funds raised will be used by HDFC Ltd for its business purposes as the insurance arm has adequate capital needed for growth," HDFC Chairman Deepak Parekh told reporters here. The company will raise Rs 8,700 crore.
The IPO is offering up to 299,827,818 equity shares of the face value of Rs 10 each. This comprises an offer for sale of 191,246,050 equity shares by Housing Development Finance Corporation and up to 108,581,768 equity Shares by Standard Life (Mauritius Holdings), the promoters of HDFC Life.
The global coordinators and book running lead managers of the IPO are Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India).
