The Rs 1,400-crore offer for sale (OFS) in HDFC Life Insurance Company saw thrice the demand compared to the shares on offer.
The 36-million share offering garnered bids for 111.5 million shares from institutional investors, shows data by the stock exchanges. Most of the bids came at Rs 406, higher than the base price of Rs 390 set for the OFS.
Shares of HDFC Life ended at Rs 413.6, down 0.82 per cent, on the BSE. Another 3.6 million shares for retail investors — those investing up to Rs 200,000 — will be auctioned on Monday.
Standard Life, the joint venture partner in HDFC Life, was the seller in the share sale.
The UK-based firm sold 1.78 per cent stake, paring its holding to 22.88 per cent.
In March, Standard Life had divested 4.93 per cent stake in HDFC Life to raise about Rs 3,600 crore.
Following the OFS, the promoter’s holding in HDFC Life will come down to 74.36 per cent.