HDFC Standard Life IPO at ₹275-290 a share; issue opens on November 7

| Updated on: Oct 26, 2017

Khadim India public issue opens on Nov 2

HDFC Standard Life Insurance Company, a subsidiary of mortgage lender HDFC, has fixed price of ₹275 to ₹290 a share for its initial public offering. The issue will be open for subscription between November 7 and 9.

The minimum bid lot has been fixed at 50 equity shares and further shares can be subscribed in multiples of 50, said HDFC in a statement on Thursday.

The issue will be open for anchor investors on November 6, it added.

Of the overall public issue, HDFC will dilute 9.55 per cent stake or 191,246,050 equity shares while Standard Life Mauritius would offload 5.42 per cent or 108,581,768 shares. The promoters of the insurance companies are expected to raise about ₹7,500 crore with their stake dilution, according to market sources.

Currently, HDFC owns 61.41 per cent stake in the insurance company while Standard Life has about 34.86 per cent stake. The remaining stake is held by the employees and PremjiInvest, the Wipro Chairman and billionaire Azim Premji family owned investment arm.

It generated a net profit of ₹887 crore and delivered a return on equity of 26 per cent in the FY’17. As at June 30, 2017, the firm had total assets under management of ₹94,750 crore.

Khadim IPO

Khadim India, one of the leading footwear brands, plans to raise ₹543 crore through initial public offering which will be open for subscription between November 2 and 6. The price band has been fixed at ₹745 to ₹750 a share.

The IPO consists of fresh issue of shares amounting to ₹50 crore. Promoters and equity investor will offer 6,574,093 equity shares including 722,000 equity shares by Siddhartha Roy Burman and 5,852,093 equity shares by Fairwinds Trustees Services, acting in its capacity as the trustee to Reliance Alternative Investments Fund – Private Equity Scheme – I.

Reliance MF subscription

On day two, the initial public offering of Reliance Nippon Life Asset Management received bids for 31.92 crore shares, against total issue size of 4.28 crore shares on Thursday, as per the NSE data. The issue was oversubscribed 7.45 times.

Published on January 08, 2018

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