HDFC Life Insurance Files IPO Papers With IRDA:
HDFC Life Insurance, part of the country’s largest housing finance company HDFC, has filed draft for an initial public offering (IPO) with Insurance Regulatory and Development Authority (IRDA).
The insurance regulator is likely to issue in-principle approval to HDFC Life Insurance IPO by next week.
Both shareholders mortgage lender HDFC & Standard Life Plc are likely to dilute stake in ratio of 3:1 through IPO.
HDFC owns 61.65 percent stake and Standard Life holds 35 percent in HDFC Life Insurance.
After failure to get approval from shareholders as well as insurance regulator for the merger of HDFC Life and Max Life, HDFC decided to go for an IPO of its life insurance business.
“No structure prior to an IPO of HDFC Life has been identified which satisfies shareholders’ requirements,” HDFC said on July 17.
The board of directors of HDFC, on July 17, approved an enabling resolution for an initial public offering of the life insurance business. Both HDFC as well as Standard Life (Mauritius Holdings 2006) will dilute their shareholding through an offer for sale of equity shares up to 20 percent.
The draft of IPO papers did not mention anything about Max Life merger in any form.
“If Max Life and ourselves are able to obtain all the necessary regulatory approvals, HDFC Life board and its promoters would be willing to re-evaluate the option of a merger with Max Life in due course,” HDFC said.
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Au Financiers Ltd (AUFL) IPO also able to list successfully and gave its investors over 51% listing gains.
Now Salasar Techno Engineering Ltd IPO (STEL IPO) bidding completed successfully on July 17, 2017. Now Salasar Techno Engineering IPO Allotment and Listing will be in process.
Current Grey Market Premium (GMP) Of Salasar Techno Engineering Ltd (STEL) IPO is trading at Rs 98 – Rs 100 per equity share.
Some SME IPO will also be active in market in coming week.
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