HDFC Standard Life Insurance, which opens its Rs. 8,700 crore IPO on November 7, today said it has fixed its price band at Rs. 275-290 per equity share. The private insurer's Initial Public Offer will open on November 7 and close on November 9.

"The funds raised will be used by HDFC Ltd for its business purposes as the insurance arm has the adequate capital needed for growth," HDFC Chairman Deepak Parekh told reporters here. HDFC Life IPO Price Band Set At Rs 275-290

The company will raise Rs. 8,700 crore. The IPO is offering up to 299,827,818 equity shares of the face value of Rs. 10 each. This comprises 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), the promoters of HDFC Life.

The global coordinators and book running lead managers of the IPO are Morgan Stanley India Company, HDFC Bank, Credit Suisse Securities (India), CLSA India and Nomura Financial Advisory and Securities (India). The book running lead managers are Edelweiss Financial Services, Haitong Securities India, IDFC Bank, IIFL Holdings and UBS Securities India.

The equity shares offered in the IPO are proposed to be listed on the BSE and the NSE.

HDFC Standard Life was one of the first private life insurance companies to register in India and was established as a joint venture between HDFC and Standard Life Aberdeen Plc (global investment company), initially through its wholly owned subsidiary The Standard Life Assurance Company and now through its wholly owned subsidiary, Standard Life Mauritius.

The company has a pan-India presence, comprising 414 branches across India as of September 30, supported by a workforce of 16,544 full-time employees.

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