HDFC Standard Life Insurance debuts with 8% premium at Rs 313 per share

The share price opened at Rs 313 per share against issue price of Rs 290.

HDFC Standard Life Insurance Company shares listed with 8 percent premium on the National Stock Exchange, driven by positive market conditions and good subscription.

The share price opened at Rs 313 per share against issue price of Rs 290.

At 10:02 hours IST, it was trading at Rs 312.60 per share, up 7.8 percent over issue price and up 0.84 percent over the pre-opening price of Rs 310.

Heads up! HDFC Standard Life to list on bourses with a premium: Experts

This is the third life insurance company getting listed on exchanges, after ICICI Prudential Life and SBI Life.

The public issue of the subsidiary of housing finance major HDFC was oversubscribed 4.90 times during November 7-9, 2017. The price band for the issue was Rs 275-290 per share.

The Rs 8,695-crore public issue comprised sale of 19,12,46,050 equity shares (representing 9.55 percent of paid-up equity capital), by HDFC and up to 10,85,81,768 shares (5.42 percent) holding by Standard Life Mauritius.

At present, HDFC owns 51.69 percent stake in HDFC Standard Life and Standard Life has about 29.35 percent stake.

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