The Board of Directors of HDFC Life, which is a material subsidiary of Housing Development Finance Corp. Ltd (HDFC) has approved an IPO of up to 29 crore equity shares of Rs.10 each by way of an offer for sale.
HDFC would be offering 19 crore equity shares and Standard Life (Mauritius Holdings) 2006 Limited would be offering upto 10 crore shares. This represents 9.57% and 5.43% respectively of the existing issued and paid-up equity share capital of HDFC Life.
As per the RHP filed on 25 October 2017, the IPO includes the following reservations. Upto 2.99 crore equity shares (constituting 1.49% of the post-IPO paid up equity share capital of HDFC Life) for purchase by individuals and Hindu Undivided Family (HUF) shareholders of HDFC, as on August 18, 2017. Upto 21 lakh equity shares for (constituting 0.11% of the post-IPO paid up equity share capital of HDFC Life) for HDFC Life employees. Upto 8 lakh equity shares (constituting 0.04% of the post-IPO paid up equity share capital of HDFC Life) for purchase by HDFC employees.
The IPO will be open for subscription by Anchor Investors on November 6, 2017 and open to the public on November 7, 2017. The issue will be closed on November 9, 2017. The price band for the issue will be intimated at a later date.
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