HDFC Standard Life extends gain after strong debut

HDFC Standard Life Insurance Company rallied 4% to Rs 359 on the National Stock Exchange (NSE) in intra-day trade, extending its Friday’s 19% gain on debut, after the foreign institutional investor (FII) bought the stake in the company through open market.

HDFC Standard Life Insurance Company soared as much as 27% to Rs 369 on Friday on its debut listing. The share closed at Rs 345, up Rs 55 or 19% from its Initial Public Offer (IPO) allotment. The company issued shares at price of Rs 290 per share.

On November 11, 2017, The MTBJ AC Nomura India Investment Fund purchased 19.26 million shares of HDFC Standard Life Insurance Company for Rs 626 crore. The FII had bought the shares at a price of Rs 325.13 per share, the bulk deal data shows.
The name of the seller not ascertained immediately.

At 10:14 AM; the stock was trading 2% higher at Rs 352 against 0.1% decline in the Nifty 50 index. A combined 6.29 million shares changed hands on the counter on the NSE and BSE so far.

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