HDFC Standard Life Insurance Company, a subsidiary of country's largest mortgage lender HDFC, today fixed price band for its Rs 8,700-crore initial public offer (IPO).
"In this connection, we wish to inform you that the price band for the IPO has been fixed at Rs 275 to Rs 290 per equity share of Rs 10 each of HDFC Life," HDFC said in a regulatory filing on the stock exchanges.
The minimum bid lot for the IPO has been fixed at 50 equity shares and applications may be made in multiples of 50 equity shares, it said.
The company proposes to issue 29,98,27,818 shares. The issue opens on November 7 and will close on November 9.
At the upper price band, the IPO will fetch promoters Rs 8,695 crore while at the lower end, it will be Rs 8,245 crore.
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.