HDFC Standard Life Insurance Company Limited has finalised the allocation of 8.0686 crore equity shares at Rs. 290 per equity share (upper end of the Price Band) aggregating to Rs. 2,322 crore to anchor investors.
The Company proposes to open on Tuesday, November 7, 2017, an initial public offering up to 299,827,818 Equity Shares of face value of Rs.10 each which comprises of an offer for sale of 191,246,050 Equity Shares by Housing Development Finance Corporation and up to 108,581,768 Equity Shares by Standard Life (Mauritius Holdings) 2006 Limited (together “The Promoter Selling Shareholders” and such offering.
The Offer comprises of Net Offer to the Public of up to 266,895,517 Equity Shares , a reservation of up to 2,144,520 Equity Shares (constituting up to 0.11% of the Post Offer Paid Up Equity Share Capital) for purchase by the eligible HDFC Life Employees, reservation of up to 805,000 Equity Shares (constituting up to 0.04% of the Post Offer Paid Up Equity Share Capital) for purchase by the eligible HDFC Employees (“HDFC Employee Reservation Portion”) and reservation of up to 29,982,781 Equity Shares (constituting up to 1.49% of Post-Offer paid up Equity Share Capital) for purchase by eligible HDFC Shareholders (“HDFC Shareholders Reservation Portion”).
The Offer shall constitute 14.92% of the fully diluted Post-Offer Paid-up Equity Share Capital of the Company, ie; assuming all vested employee stock options and the Net Offer shall constitute 13.28% of the fully vested Post-Offer Paid-up Equity Share Capital of the Company i.e. assuming exercise of all vested employee stock options.
The Price Band for the Offer is fixed from Rs. 275 per Equity Share to ₹ 290 per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter. The Offer will close on Thursday, November 9, 2017.
The Global Co-ordinators and Book Running Lead Managers are Morgan Stanley India Company Private Limited, HDFC Bank Limited, Credit Suisse Securities (India) Private Limited, CLSA India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited. The Book Running Lead Managers are Edelweiss Financial Services Limited, Haitong Securities India Private Limited, IDFC Bank Limited, IIFL Holdings Limited and UBS Securities India Private Limited.
The Equity Shares offered in the Offer are proposed to be listed on the BSE and the NSE.