HDFC Standard Life Insurance has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 7,500 crore through an initial public offering.

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The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips or 5.42 per cent holding by Standard Life Mauritius, according to the draft red herring prospectus (DRHP) filed with Sebi.

Currently, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 35 per cent, while the remaining is with employees and PremjiInvest.

According to sources, the initial public offer (IPO) is expected to be worth Rs 7,500 crore.

This is the third insurance company to file draft IPO papers with Sebi this month. The other two are New India Assurance Company and General Insurance Corporation of India.

"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.

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