New Delhi, Dec 31 (UNI) Housing Development Finance Corporation Ltd (HDFC) today said it is realigning its shareholding in HDFC Standard Life Insurance Company Ltd by selling 7.15 per cent of its stake in the joint venture to Standard Life (Mauritius Holdings) 2006 Ltd.
HDFC will sell 8,03,87,686 equity shares of Rs 10 each of HDFC Standard Life Insurance Company Ltd (HDFC SLIC) to Standard Life representing 7.15 per cent of the total issued and paid-up equity capital of HDFC SLIC.
Consequent to the said sale, Standard Life (Mauritius Holdings) 2006 Ltd would hold 26 per cent of the total issued and paid-up equity capital of HDFC SLIC, the maximum allowed under current regulations.
HDFC and Standard Life Assurance Co plc (SLAC) have also agreed that any future sale of shares by HDFC to Standard Life (Mauritius Holdings) 2006 Ltd, if and when permitted by law would be at a Fair Value, said a statement.
HDFC Standard Life is one of India's leading private life insurance Companies, which offers a range of individual and group insurance solutions.
The Company has been consistently growing since inception and has a new business market share of 9.2 per cent in the private sector with total premium income of Rs 2,856 crore in the year 2006-07.
HDFC added that subject to the applicable Regulations, the current plan is to launch an Initial Public Offer (IPO) before the end of 2009.