The Offer for sale (OFS) of HDFC Life was fully subscribed on the second day on Wednesday, as the issue received bids for 1.06 crore shares of the 99.50 lakh shares on offer to retail investors and non-retail investors.
On the first day of the OFS on Tuesday, the issue received bids for 16.38 crore shares of the 6.30 crore shares on offer to non-retail investors. The issue saw 2.6 times subscription from non-retail investors, of the base issue (6.30 crore shares). Shares of HDFC Life Insurance Company fell by 1.43% and ended the day at Rs 366.15 on Wednesday on BSE. Earlier this week, HDFC Life had said that its joint venture partner, Standard Life Aberdeen (SLA), will sell up to 4.93% stake in the company. Floor price of the OFS was priced at Rs 357.50 per share.
HDFC Life Insurance Company has sold 7 crore shares, representing 3.47% of the total issued and paid-up equity share capital of the company through the OFS. For non-retail investors, base size was set at 6.30 crore shares with an over-subscription option of 2.65 crore shares.
A total of 90% of the offer size, which was reserved for non-retail investors, got fully subscribed on Tuesday. A total of 99.50 lakh shares were reserved for retail investors.