on Friday stated its board has authorized the issuance of over 3.5 crore fairness shares to promoter firm HDFC for Rs 2,000 crore on a preferential foundation. The corporate’s board of administrators, at a gathering, authorized the issuance of three,57,94,824 fairness shares of the corporate at Rs 558.74 per fairness share, not exceeding Rs 2,000 crore in mixture on a preferential foundation to (HDFC), the life insurance coverage firm stated in a regulatory submitting.
The insurer stated the issuance of shares is topic to the approval of the shareholders in addition to, regulatory/statutory approvals.
“The problem value at which the fairness shares are to be issued to HDFC Ltd is the upper of the worth decided below the valuation report of the registered valuer and the worth calculated in accordance with SEBI (Difficulty of Capital and Disclosure Necessities) Rules,” it added.
Shares of HDFC Life have been 4.30 per cent increased at Rs 555.55 apiece and HDFC Ltd scrip was up 0.87 per cent at Rs 2,356.40 apiece