ALSO READHDFC Standard Life Insurance IPO: Good, but an expensive franchisee HDFC Standard Life Insurance IPO to open on November 7 HDFC, Standard Life to sell 15% stake in HDFC Life via IPO HDFC Standard Life promoters to dilute upto 15% stake through IPO HDFC Standard Life's Rs 8,700-cr IPO price band fixed at Rs 275-290
HDFC Standard Life Insurance Company today raised Rs 2,322 crore from anchor investors, ahead of its initial public offer tomorrow. Singapore's sovereign wealth fund Temasek, Norwegian fund Norges, Kuwait Investment, T Rowe Price, Fidelity, Blackrock and JP Morgan are among the anchor investors, according to a regulatory filing. The shares have been allocated at the upper price band of Rs 290 apiece. The company's executive committee and the promoter selling shareholders in consultation with the manager to the offer have finalised allocation of 80,068,600 shares to anchor investors, the filing submitted to the NSE said. Price band for the offer has been fixed at Rs 275-290 per share. 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. 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.