HDFC Standard Life promoters to dilute 14.92% stake

Kolkata: The promoters of private life insurer HDFC Standard Life Insurance would dilute upto 14.92 per cent of their stakeholdings through the IPO which would open from November seven and continue till November nine.

While HDFC would dilute its stake from 61.2 per cent to 51.7 per cent, the other promoter UK-based Standard Life's holdings would go down from 35 per cent to 29.35 per cent, an official of the company said.

ED and CFO of HDFC Standard Life Vibha Padalkar said that although the IPO was in the form of offer for sale (OFS), the company would gain from maintaining corporate governance rules rigorously.

The IPO would also help the company in fixing the share-swap ratio in the event of a possible M&A activity.

At the top of the price band of Rs 290 per share, the promoters were expected to rake in around Rs 8700 crore.

She said that the company was having enough capital to sustain growth in its business for the moment.

HDFC Standard Life was among the top three private players in the life segment in terms of market share, Padalkar said.

Padalkar said that the company would grow its agency channel business cautiously.