HDFC gains as subsidiary files DRHP with SEBI for IPO

HDFC rose 0.46% to Rs 1,743 at 14:45 IST on BSE after the company's material subsidiary, HDFC Standard Life Insurance Company, filed a draft red herring prospectus with Securities & Exchange Board of India for an initial public offer.

The announcement was made after market hours on Friday, 18 August 2017.

Meanwhile, the S&P BSE Sensex was down 175.99 points or 0.56% at 31,348.69

On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 3.14 lakh shares in the past one quarter. The stock had hit a high of Rs 1,745.25 and a low of Rs 1,730 so far during the day. The stock had hit a record high of Rs 1,799 on 1 August 2017 and a 52-week low of Rs 1,185 on 5 December 2016.

The large-cap company has equity capital of Rs 318.65 crore. Face value per share is Rs 2.

HDFC Standard Life Insurance Company, a material subsidiary of HDFC has on Friday, 18 August 2017 filed a draft red herring prospectus with Securities & Exchange Board of India for an initial public offer of up to 29.98 crore shares of Rs 10 each representing 14.97% of the paid-up equity capital of HDFC Standard Life Insurance Company through an offer for sale of 19.12 crore equity shares by HDFC and 10.86 crore equity shares by Standard Life (Mauritius Holdings).

HDFC had on 14 August 2017 said that consequent to the approval of the National Company Law Tribunal, the Insurance Regulatory and Development Authority of India has granted its final approval for the merger of HDFC ERGO General Insurance Company, a subsidiary of the company and L&T General Insurance Company.

HDFC's net profit fell 16.84% to Rs 1555.74 crore on 3% fall in total income to Rs 8141.76 crore in Q1 June 2017 over Q1 June 2016.

HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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