New Delhi: HDFC Standard Life Insurance Co. Ltd, a subsidiary of India’s largest mortgage lender Housing Development Finance Corp. Ltd, on Thursday fixed the price band for its IPO at Rs275-290 per share.
“In this connection, we wish to inform you that the price band for the IPO has been fixed at Rs275 to Rs290 per equity share of Rs10 each of HDFC Life," HDFC said in a regulatory filing.
The minimum bid lot for the HDFC Standard Life IPO has been fixed at 50 equity shares and applications may be made in multiples of 50 equity shares, HDFC said.
HDFC proposes to issue 299,827,818 shares in the HDFC Standard Life IPO, which opens on 7 November and will close on 9 November. At the upper price band, the HDFC Standard Life IPO will fetch promoters HDFC and Standard Life Mauritius Rs8,695 crore while at the lower end, they will get Rs8,245 crore. HDFC currently owns 61.41% stake in HDFC Standard Life and Standard Life Mauritius has about 34.86% stake, while the remaining is with employees and PremjiInvest.
The objects of the HDFC Standard Life IPO are to achieve the benefits of listing the equity shares on the stock exchanges.