The retail investor portion of HDFC Life Insurance Company’s offer for sale (OFS) garnered 84 per cent subscription. Retail investors bid for 8.4 million shares as against 10 million on offer, data from the exchanges showed. A day earlier, the institutional investor portion of the OFS was subscribed more than two times.
The unsubscribed shares in the retail segment will be allotted to institutional investors. Through the OFS, UK’s Standard Life has divested its 4.93 per cent stake to raise about Rs 3,600 crore. Bank of America Merrill Lynch was the investment banker for share sale.
After the sale, Standard Life’s shareholding is 24.27 per cent. Shares of HDFC Life fell 1.43 per cent to end at Rs 366 on Wednesday.