HDFC Standard Life Insurance IPO opens on 7th November
HDFC Standard Life Insurance Co. (HDFC Standard Life), a subsidiary of mortgage lender HDFC, plans to raise Rs.8700 crore through its IPO in the price band of Rs.275-290 for its Rs.10 paid-up equity share. The IPO is an offer for sale (OFS) comprising 191,246,050 equity shares by HDFC Standard Life and up to 108,581,768 equity shares by UK-based Standard Life. The issue closes on Thursday, 9 November 2017. HDFC Standard Life is one of the most profitable life insurers in India based on value of New Business (VNB) margin. It has a pan India presence through 414 branches and spokes across India as at 30 September 2017, supported by a workforce of 16,544 employees. Its product portfolio comprises 32 individual and 10 group products besides 8 optional rider benefits.