HDFC Life Insurance in spotlight as Standard Life to reduce stake

HDFC Life Insurance Company said one of its promoters, Standard Life, will sell up to 4.92% stake in the life insurance firm through offer for sale (OFS). The Standard Life (Mauritius Holdings) 2006, one of the promoters of the insurer, will sell stake through OFS on 12 March 2019 and the floor price for the sale will be Rs 357.50 per share, HDFC Life said in a regulatory filing. Standard Life proposes to sell up to 7 crore shares, representing 3.47% equity, with an option to additionally sell up to 2.95 crore shares, representing 1.46% of the total issued and paid-up capital, it said. Currently, Standard Life holds 29.22% stake in the life insurance company while mortgage firm HDFC has a 51.48% stake. The announcement was made after market hours yesterday, 11 March 2019.

Jet Airways (India) announced that the part repayment of the external commercial borrowing availed by the company, for working capital purposes, falling due on 11 March 2019, has been delayed owing to temporary liquidity constraints. The company has engaged with the lender in relation to the same. The announcement was made after market hours yesterday, 11 March 2019.

Piramal Enterprises announced the launch of Mitigo (morphine sulfate injection, USP - preservative-free) in 10 mg/mL and 25 mg/mL concentrations in the US market. Mitigo is used for patients with intractable chronic pain. The announcement was made after market hours yesterday, 11 March 2019.

Welspun Corp said it received additional pipe orders of 212 KMT on global basis. Out of these additional orders, 151 KMT will be serviced from India. The company's current order book stands at 1,667 KMTs valued at Rs 14,500 crore, after considering execution up to February 2019. The announcement was made after market hours yesterday, 11 March 2019.

KEI Industries announced that second phase of planned capex for medium voltage (MV) cables in Rajasthan is now operational. The announcement was made after market hours yesterday, 11 March 2019.

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