HDFC Standard Life Insurance IPO on Nov 7

30 October, Mumbai

HDFC Standard Life Insurance said on Monday that its Rs 8,700-crore Initial Public Offer (IPO) will remain open between November 7 and November 9.

The company has set the price band at Rs 275 to Rs 290 per share.

Talking to mediapersons, HDFC Chairman Deepak Parekh said that the funds raised will be used by HDFC Ltd for its business purposes as the insurance arm has adequate capital needed for growth.

The IPO is offering up to 299,827,818 equity shares of the face value of Rs 10 each.

This comprises 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), the promoters of HDFC Life, he said.

The private sector insurer is a joint venture between domestic mortgage lender HDFC and UK-based Standard Life.