Mumbai : HDFC Standard Life Insurance Co Ltd has set the price band for its initial public offering at 275-290 rupees a share with a face value of 10 rupees each, promoter Housing Development Finance Corp informed exchanges Thursday.
The offer will open for subscription on Nov 7 and close on Nov 9. The minimum bid lot for the initial public offering has been fixed at 50 shares, and in multiples of 50 shares thereafter.
The offer comprises an offer for sale of 299.83 mln shares by the promoters–HDFC and Standard Life (Mauritius Holdings). The offer accounts for 15% of the paid-up equity capital. HDFC will offer 191.25 mln shares or 9.57% of its stake for sale, and Standard Life (Mauritius Holdings) will offer 108.58 mln shares or 5.43% of its stake in the insurer. As on Jun 30, HDFC held majority stake at 61.52%, with the remaining stake with Standard Life.
