HDFC begins IPO process of insurance arm

Housing Development Finance Corporation (HDFC) on Tuesday informed the stock exchanges that it has in-principle agreed to sell up to 10 per cent of its stake inHDFC Standard Life through offer for sale.HDFC Life’s board of directors approved taking steps to initiate the initial public offer (IPO) process.         Indian stock market astrology prediction

The insurer was waiting for a nod from Foreign Investment Promotion Board (FIPB), which had referred its foreign direct investment (FDI) hike proposal in HDFC Life to Cabinet Committee on Economic Affairs (CCEA).       Sensex Astrology 
“The board of directors of HDFC Life approved taking steps to initiate the process for an initial public offer (IPO) by way of offer for sale by the Corporation, up to 10 per cent of the paid-up and issued equity share capital of HDFC Life,” said HDFC in a stock exchange notification.The IPO is subject to relevant regulatory approvals including that of Insurance Regulatory and Development Authority of India, Securities & Exchange Board of India among others.     Share Market Astrology

On April 1, Housing Development Finance Corporation had informed the exchanges that it completed the sale of its nine per cent stake in HDFC Life to Standard Life. This deal was announced in August 2015.The foreign partner is taking its stake up to 35 per cent from 26 per cent in HDFC Life. The value of the nine per cent stake.     Nifty Trading Tips

HDFC Life is a joint venture between HDFC and Standard Life Plc, a provider of financial services in the UK. Standard Life (Mauritius Holding) Ltd holds 26 per cent stake in the joint venture.In 2000, HDFC and Standard Life launched a joint venture, HDFC Life, which was the  first  private  life insurance company to be granted a licence to operate in India.    Jackpot Stocks Trading Tips