HDFC Life files draft paper with Sebi for IPO

Embedded value pegged at Rs 13,220 crore in June

HDFC Standard Life Insurance Company (HDFC Life) has filed a draft red herring prospectus with the Securities Exchange Board of India (Sebi) for an Initial Public Offer of 299.8 million shares. 

Housing Development Finance Corporation (HDFC) plans to offload up to 191.2 million shares (9.57 per cent stake) and Standard Life, its joint venture insurance company, will sell up to 108.6 million shares (5.43 per cent stake) through the public offer, according to the prospectus.

HDFC holds 61.5 per cent in the life insurance company. Standard Life, the UK-based foreign partner, holds 35 per cent.

Merchant bankers for HDFC Life IPO’s include Morgan