HDFC Life Insurance Co. Ltd. (HDFC Life) on Friday filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) ahead of launching its initial public offering (IPO) to sell a 14.97% stake.
The DRHP follows a board resolution by the insurer last month. On 17 July, the HDFC Life board passed a resolution, clearing the IPO by way of offering a combined 20% holding, of which the insurer’s UK-based JV partner, Standard Life (Mauritius Holdings) 2006 Ltd, is to offload more than 10%.
As per the prospectus filed with Sebi, HDFC will dilute about 9.55% stake and Standard Life will offload about 5.42% in the IPO.
