HDFC Life Insurance Company Ltd on Monday said that its promoter Standard Life will sell 70 million shares or 3.4 per cent stake through an offer for sale (OFS) on March 12 and 13. The sale offer has a green-shoe option of 29.5 million shares, it also said in a regulatory filing. The share sale base price has been fisex at Rs 357.5 per share, it added.
“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.
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DSP Merrill Lynch has been appointed as the broker for the stake sale.
Date and time
For non-retail investors, the sale will take place on T Day (March 12, 2019) commencing at 9:15 am and close at 3:30 pm. Only non-retail investors will be allowed to place their bids on T Day (March 12, 2019). “Non-Retail Investors who have placed their bids on T Day may indicate their willingness to carry forward their bids to T+1 Day,” the filing informed.
For retail investors and for non-retail investors who choose to carry forward their bids on T+1 Day (March 13, 2019), the regulatory filing said.
The sale will continue to take place on a separate window of the Stock Exchanges on T+1 Day, commencing at 9:15 am and shall close at 3:30 pm, it added.
Only retail Investors shall be allowed to place their bids only on T+1 Day. Further, those non-retail Investors who have placed their bids on T Day and have chosen to carry forward their bids to T+1 Day, shall be allowed to revise their bids on T+1 Day, it also said.