Shares of HDFC Life Insurance Company Ltd fell as much as 5.8 per cent to Rs 367.55, their biggest intraday per cent loss since September 21, 2018
HDFC Standard Life (Mauritius Holdings) proposes to sell 70 million shares, or 3.47 per cent stake in HDFC Life Insurance, the company said.
The company has an option to additionally sell up to 29.5 million equity shares, or 1.46 per cent, in the event of an oversubscription option being exercised
The floor price for the offer is determined at Rs 357.50 per share, which is a 8.4 per cent discount to stock's last closing price.
More than 6.4 million shares change hands, compared with 30-day average volume of around 742,721 million shares.