HDFC Standard Life Insurance Company Limited – Initial Public Offer to open on Tuesday, November 7, 2017, and to close on Thursday, November 9, 2017
Price Band fixed from ₹275 per Equity Share to ₹290 per Equity Share
Mumbai: HDFC Standard Life Insurance Company Limited (the “Company” or “Issuer“) proposes to open on Tuesday, November 7, 2017, an initial public offering up to 299,827,818 Equity Shares of face value of ₹ 10 each (“Equity Shares”) which comprises of an offer for sale of 191,246,050 Equity Shares by Housing Development Finance Corporation and up to 108,581,768 Equity Shares by Standard Life (Mauritius Holdings) 2006 Limited (together “The Promoter Selling Shareholders” and such offering (“The Offer”). The Offer comprises of Net Offer to the Public of up to 266,895,517 Equity Shares (“Net Offer”), a reservation of up to 2,144,520 Equity Shares (constituting up to 0.11% of the Post Offer Paid Up Equity Share Capital) for purchase by the eligible HDFC Life Employees (“HDFC Life Employee Reservation Portion”), reservation of up to 805,000 Equity Shares (constituting up to 0.04% of the Post Offer Paid Up Equity Share Capital) for purchase by the eligible HDFC Employees (“HDFC Employee Reservation Portion”) and reservation of up to 29,982,781 Equity Shares (constituting up to 1.49% of Post-Offer paid up Equity Share Capital) for purchase by eligible HDFC Shareholders (“HDFC Shareholders Reservation Portion”). The Offer shall constitute 14.92% of the fully diluted Post-Offer Paid-up Equity Share Capital of the Company, ie; assuming all vested employee stock options and the Net Offer shall constitute 13.28% of the fully vested Post-Offer Paid-up Equity Share Capital of the Company i.e. assuming exercise of all vested employee stock options.
The Price Band for the Offer is fixed from ₹ 275 per Equity Share to ₹ 290 per Equity Share. Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter. The Offer will close on Thursday, November 9, 2017.
The Company and the Promoter Selling Shareholders may, in consultation with the Managers to the Offer, consider participation by Anchor Investors. Such Anchor Investors shall Bid during the Anchor Investor Bidding Date; i.e., one Working Day prior to the Offer Opening Date, on which Bids by Anchor Investors shall be submitted and allocation to Anchor Investors shall be completed i.e. November 6, 2017.
The Global Co-ordinators and Book Running Lead Managers are Morgan Stanley India Company Private Limited, HDFC Bank Limited, Credit Suisse Securities (India) Private Limited, CLSA India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited. The Book Running Lead Managers are Edelweiss Financial Services Limited, Haitong Securities India Private Limited, IDFC Bank Limited, IIFL Holdings Limited and UBS Securities India Private Limited.
The Equity Shares offered in the Offer are proposed to be listed on the BSE and the NSE.
The Offer is being made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“ICDR Regulations”), wherein not more than 50% of the Net Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”), provided that the Company and the Promoter Selling Shareholders, in consultation with the Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Investors in accordance with the ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective bank accounts which will be blocked by the SCSBs, to participate in this Offer.
Capitalised terms not otherwise defined in this press release shall have the meanings given to them in the RHP.
* In compliance with the proviso to Regulation 21A(1) of the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended, read with proviso to Regulation 5(3) of the SEBI Regulations, HDFC Bank Limited will be involved as a merchant banker only in marketing of the Offer.
“HDFC Standard Life Insurance Company Limited is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offer of its Equity Shares and has registered the Red Herring Prospectus (“RHP”) with the Registrar of Companies, Mumbai (“RoC”). The RHP is available on the websites of SEBI, BSE, NSE at www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, and at the websites of the GCBRLMs at https://www.morganstanley.com/about-us/globaloffices/india, www.hdfcbank.com, https://www.credit-suisse.com/in/en/investment-banking/regional-presence/asia-pacific/india/ipo.html, www.india.clsa.com, and www.nomuraholdings.com/company/group/asia/india/index.html, respectively and the BRLMs at www.edelweissfin.com,http://www.htisec.com/en-us/haitong-india,www.idfcbank.com,www.iiflcap.comand www.ubs.com/indianoffersrespectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the RHP including the section titled “Risk Factors” on page 23 of the RHP.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. The Equity Shares have not been and will not be registered under the US Securities Act of 1933 (“U.S. Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable United States state securities laws.”
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