HDFC Standard Life Insurance IPO is the latest in a line of insurance IPOs that have hit the capital markets for fundraising. Photo: Pradeep Gaur/MintNew Delhi: HDFC Standard Life Insurance Co., a subsidiary of mortgage lender Housing Development Finance Corp. Ltd (HDFC), said Wednesday its initial public offer (IPO) will hit the market on 7 November. The HDFC Standard Life IPO comprises sale of 191,246,050 equity shares, amounting to 9.55% stake, by HDFC Ltd and up to 108,581,768 scrips, or 5.42% stake, holding of Standard Life Mauritius, according to a regulatory filing on stock exchanges. According to people close to the development, HDFC Standard Life’s promoters are expected to get about Rs7,500 crore from the stake dilution. At present, HDFC owns 61.41% stake in HDFC Standard Life and Standard Life has about 34.86% stake, while the remaining is with employees and PremjiInvest.

Source: Mint October 25, 2017 16:18 UTC