9.57% stake in HDFC Life will be sold through IPO
|9.57% stake in HDFC Life will be sold through IPO|
HDFC Ltd, the leading home loan company, has approved the sale of more than 19 crore shares ie 9.57% in its subsidiary HDFC Life. In HDFC Life, this stake will be sold through its initial public offering (IPO). After this, HDFC Life will be listed in the stock market.
Giving this information in the information given to the regulator, HDFC said that HDFC has approved the issue of 19,12,46,050 equity shares of HDFC Life through IPO. This is 9.57% of the paid and paid share capital of HDFC Life. Earlier, HDFC had a plan to merge with Max Group, but after the regulatory hurdles of many such modifications, the merger plan was postponed.
Earlier on July 17, the board of directors of HDFC Standard Life (HDFC Life) passed a resolution in which the total approval was given to bring the IPO of 20 percent holding. It also includes selling more than 10 percent of the UK joint venture company. HDFC Life is a joint venture between UK Standard Life and HDFC Ltd. It has 61.52 percent stake in HDFC and 35 percent of Standard Life.
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