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HDFC Life Board Approves Issuance Of 3.5 Crore Shares To HDFC

On Friday, HDFC Life Insurance Company approved the issuance of over 3.5 crore equity shares to HDFC for Rs 2000 crore.

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HDFC Life Insurance Company on Friday said its board has approved the issuance of over 3.5 crore equity shares to promoter company HDFC for Rs 2,000 crore on a preferential basis.

The company's board of directors, at a meeting, approved the issuance of 3,57,94,824 equity shares of the company at Rs 558.74 per equity share, not exceeding Rs 2,000 crore in aggregate on a preferential basis to Housing Development Finance Corporation (HDFC), the life insurance company said in a regulatory filing.

The insurer said the issuance of shares is subject to the approval of the shareholders besides, regulatory/statutory approvals.

"The issue price at which the equity shares are to be issued to HDFC Ltd is the higher of the price determined under the valuation report of the registered valuer and the price calculated in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations," it added.

Shares of HDFC Life were 4.30 per cent higher at Rs 555.55 apiece and HDFC Ltd scrip was up 0.87 per cent at Rs 2,356.40 apiece on BSE.


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HDFC Life Insurance Company Limited equity shares hdfc