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Monday, October 16, 2017

HDFC Standard Life Insurance Company has received capital markets regulator Securities and Exchange Board of India (SEBI)'s go ahead to raise an estimated Rs 7,500 crore through an initial public offering.

The insurance firm had filed draft papers with SEBI in August and obtained its "observations" on October 13, which is very necessary for any company to launch public offer

The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 percent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 percent, holding by Standard Life Mauritius, according to the draft red herring prospectus (DRHP) filed with SEBI

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

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