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HDFC Standard Life receives Sebi approval for IPO

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

Press Trust of India  |  New Delhi 

Sebi

Standard Life Company has received capital regulator Sebi's go ahead to raise an estimated Rs 7,500 crore through an initial public offering.

The firm had filed draft papers with in August and obtained its "observations" on October 13, which is very necessary for any company to launch public offer, latest update with the watchdog showed.


The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by 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

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

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

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

"The listing of equity will enhance the 'Life' brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity in India," Standard Life said.

Standard Life is a joint venture in the ratio of 61.41:34.86 between India's biggest mortgage lender Ltd and UK's Standard Life.

Morgan Stanley India Company, Bank, Credit Suisse Securities, CLSA India, Nomura Financial Advisory and Securities are the global co-ordinators, while Edelweiss Financial Services, Haitong Securities, IDFC Bank, IIFL Holdings, UBS Securities are the book running lead managers to the issue.

Last month, New India Assurance Company had received Sebi's nod to float an initial public offer (IPO).

Presently, ICICI Prudential Life and SBI Life are the only listed insurer in India. Moreover, state-owned General Corporation of India's IPO will list next week.

First Published: Mon, October 16 2017. 18:32 IST
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