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HDFC Life Insurance slips as OFS begins

Capital Market 

Insurance Company was down 3.76% to Rs 375.15 at 11:22 IST on BSE after the company said one of its promoters, Standard Life, will sell up to 4.92% stake in the firm through offer for sale.

The announcement was made after market hours yesterday, 11 March 2019.

Meanwhile, the S&P was up 409.39 points, or 1.10% to 37,463.49.

On the BSE, 5.29 lakh shares were traded in the counter so far compared with average daily volumes of 73,000 shares in the past two weeks. The stock had hit a high of Rs 377.30 and a low of Rs 368.80 so far during the day. The stock hit a 52-week high of Rs 547.25 on 14 May 2018. The stock hit a 52-week low of Rs 345 on 28 January 2019.

The (Mauritius Holdings) 2006, one of the promoters of the insurer, will sell stake through offer for sale (OFS) today, 12 March 2019 and the floor price for the sale will be Rs 357.50 per share, said in a regulatory filing.

proposes to sell up to 7 crore equity shares, representing 3.47% stake, today, 12 March 2019 (T Day) (for only) and on 13 March 2019 (T+1 Day) (for and for who choose to carry their un-allotted bids). It has an option to additionally sell up to 2.95 crore equity shares, representing 1.46% stake, (the oversubscription option).

Currently, holds 29.22% stake in the company while mortgage firm HDFC has a 51.48% stake.

On the first day of the bidding for OFS today, 12 March 2019, at 11:05 IST, bids were received for 39.84 lakh shares from the non-retail investors, representing a subscription of 6.32%.

Insurance Company's net profit rose 18.48% to Rs 245.63 crore on 27.26% increase in net sales to Rs 6,897.68 crore in Q3 December 2018 over Q3 December 2017.

HDFC Life is one of India's leading companies, offering a range of individual and group that meet various life stage needs of customers.The products include protection, pension, savings & investments, health, etc.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 12 2019. 11:22 IST