HDFC completes 9% stake sale in HDFC Life to JV partner
Earlier, HDFC said it will sell 9% stake in HDFC Life to Standard Life for a little over Rs1,700 crore
New Delhi: HDFC has completed 9% stake sale in HDFC Standard Life Insurance Company to its British joint venture partner Standard Life for a little over ₹ 1,700 crore.
“Pursuant to the receipt of the requisite approvals, the Corporation has completed the transfer of the said shares," HDFC said in a BSE filing today.
In August last year, HDFC had said it will sell 9% stake in HDFC Life to Standard Life for a little over ₹ 1,700 crore.
British firm Standard Life would be increasing its stake in the JV to 35% from 26% as the Indian government has allowed up to 49% FDI in the domestic insurance sector.
In a regulatory filing, HDFC said it would sell about 17.95 crore shares in the insurance joint venture at a price of ₹ 95 apiece to Standard Life. This 9% stake would be worth over ₹ 1,705 crore and the stake sale would be subject to necessary regulatory approvals. Post the sale, HDFC’s stake in the joint venture has come down to 61.65% . PTI
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!