HDFC Standard Life IPO Gets Approval From SEBI-2017

HDFC Standard Life IPO Gets Approval From SEBI:

HDFC Standard Life Insurance Company has received market regulator SEBI’s go-ahead for launching its initial public offering (IPO). As per market estimates, HDFC Standard Life IPO issue can raise around Rs. 7,500 crores.
The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 percent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 percent, holding by Standard Life Mauritius, according to the draft red herring prospectus (DRHP) filed with SEBI.

Currently, HDFC owns 61.41 percent stake in HDFC Standard Life and Standard Life has about 34.86 percent, while the remaining is with employees and PremjiInvest.

“The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges.

“The listing of equity shares will enhance the ‘HDFC Life’ brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity shares in India,” HDFC Standard Life said.

Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities, CLSA India, Nomura Financial Advisory, and Securities are the global coordinators, while Edelweiss Financial Services, Haitong Securities, IDFC Bank, IIFL Holdings, UBS Securities are the book running lead managers to the issue.

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *