Markets

HDFC Standard Life promoters to dilute 14.92% stake

PTI Kolkata | Updated on January 09, 2018

The promoters of private life insurer HDFC Standard Life Insurance would dilute up to 14.92 per cent of their stakeholdings through the IPO, which would open from November 7 and continue till November 9.

While HDFC would dilute its stake from 61.2 per cent to 51.7 per cent, the other promoter, UK-based Standard Life’s holdings, would go down from 35 per cent to 29.35 per cent, an official of the company said.

ED and CFO of HDFC Standard Life, Vibha Padalkar, said although the IPO was in the form of an offer for sale (OFS), the company would gain from maintaining corporate governance rules rigorously.

The IPO would also help the company in fixing the share-swap ratio in the event of possible M&A activity.

At the top of the price band of Rs 290 per share, the promoters were expected to rake in around Rs 8,700 crore.

She said the company had enough capital to sustain growth in its business for the moment.

HDFC Standard Life was among the top three private players in the life segment in terms of market share, Padalkar said.

Padalkar said the company would grow its agency channel business cautiously.

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Published on October 31, 2017
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