HDFC Standard Life IPO to hit market on November 7

HDFC Standard Life Insurance Company, a subsidiary of mortgage lender HDFC, today said its initial public offer (IPO) will hit the market on November 7.

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 a regulatory filing on stock exchanges.

"We further wish to inform you that the IPO will be open for subscription by anchor investors on November 6 and by the public on November 7 and shall close on November 9. The price band for the same will be intimated in due course," it said.

According to merchant banking sources, promoters are expected to get about Rs 7,500 crore from the stake dilution.

At present, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 34.86 per cent stake, while the remaining is with employees and PremjiInvest.

The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges.