The retail investors have subscribed more than 100% of the offer for sale of HDFC Life Insurance of total issue size on Wednesday. This is after it got good response from the institutional investors on previous day.
Retail investors have subscribed more than 100% of the offer for sale of HDFC Life Insurance of total issue size on Wednesday. This is after it got good response from the institutional investors on previous day.
According to the NSE data, the OFS received bids for 1,06,68,903 shares against the total issue size of 99,50,000 equity shares from the retail investors.
Institutional investors bid for 16.4 crore equity shares against their quota of 8.95 crore shares and their subscription aggregating to 1.83 times of the total issue on Day 1.
Earlier this week, HDFC Life Insurance Company had said its promoter Standard Life will sell 70 million shares or 3.4% stake through an offer for sale (OFS) on March 12 and 13. The offer-for-sale includes a green-shoe option of 29.5 million shares, it added in its regulatory filing. The share sale base price has been fixed at Rs 357.5 per share.
“We hereby notify that the Seller proposes to sell up to 70,000,000 Equity Shares(representing 3.47% of the total issued and paid-up Equity Share capital of the Company) (“Base Offer Size”) on March 12, 2019 (“T Day”) (for non-retail investors only) and on March 13, 2019 (“T+1 Day”) (for retail investors and for non- retail investors who choose to carry forward their un-allotted bids), with an option to additionally sell up to 29,500,000 Equity Shares,” HDFC Life Insurance Company Ltd said in a regulatory filing.