The offer for sale (OFS) in HDFC Life Insurance worth Rs. 1400 crore received bids higher by 3 times as against the number of shares on offer. Against the offer of 36 million shares, the company received bids for 111.5 million shares as per the data from stock exchanges from institutional investors. Further, most of the bids were recorded at a higher price of Rs. 406 than the base price of Rs. 390 fixed for the OFS.
For retail investors, the offer for sale of HDFC Life offering 3.6 million shares will open on Monday.
In the share sale, the joint venture company of HDFC Life, Standard Life is paring its stake in the company.
After the OFS, the holding of a promoter in HDFC Life will be reduced to 74.36%.
The stock of HDFC Life closed down by 0/82% at Rs. 413.6 on the BSE.