HDFC Standard Life Insurance Company today said it has filed IPO documents with the Securities and Exchange Board of India (SEBI) to raise around Rs 6,500-7,500 crore.
HDFC Standard Life Insurance Company today said it has filed IPO documents with the Securities and Exchange Board of India (SEBI) to raise around Rs 6,500-7,500 crore.
Through the share sale promoters HDFC and Standard Life will sell 15 per cent stake in the company.
The life insurer is expected to raise about Rs 6,500- 7,500 crore through the IPO (initial public offer), according to the Draft Red Herring Prospectus (DRHP) filed with the capital market regulator.
Of this, Housing Development Finance Corporation (HDFC) will dilute 9.57 per cent stake and Standard Life (Mauritius Holdings) off-load 5.43 per cent stake in the company.
This will make a gross dilution of 29.98 crore equity shares by both the shareholders, according to the DRHP.
"The IPO is of up to 299,827,818 equity shares of face value of Rs 10 each of HDFC Life Insurance Company. It will be through an offer for sale of 191,246,050 equity shares by HDFC and up to 108,581,768 equity shares by Standard Life (Mauritius Holdings)," as per the DRHP document.
HDFC Life is a joint venture between leading housing finance institution HDFC and Standard Life Plc, the leading provider of financial services in the United Kingdom.
The global coordinator and book running lead managers of the of the offer for sale are Morgan Stanley India, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India).
The book running managers are Edelweiss Financial Services, Haitong Securities India, IDFC Bank, IIFL Holdings, UBS Securities India and Karvy Computershare.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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