HDFC Life IPO mops up Rs 8,695 crore

HDFC Standard Life Insurance today said it has mopped up Rs 8,695.01 crore from its initial public offer.
HDFC Life, in consultation with merchant bankers, finalised the offer price at Rs 290 per share.
"Accordingly, the size of IPO aggregates to Rs 8695.01 crore consisting of 29.98 crore shares of Rs 10 each of HDFC Life, subject to finalisation of Basis of Allotment," HDFC Life said in a filing to the stock exchanges.
HDFC Standard Life Insurance Company earlier this week raised Rs 2,322 crore from anchor investors.
The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius.

At present, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 34.86 per cent stake, while the remaining is with employees and PremjiInvest.