Housing Development Finance Corporation (HDFC), the country’s largest mortgage lender, has agreed to sell 17,95,39,209 equity shares of Rs 10 each of HDFC Standard Life Insurance Company (HDFC Life) to Standard Life (Mauritius Holdings) at a price of Rs 95 per share aggregating to 9% of the issued and paid-up share capital of HDFC Life, subject to receipt of requisite approvals.
Post the said sale of stake in HDFC Life, the company’s holding in HDFC Life will be 61.65% and that of Standard Life (Mauritius Holdings) will be 35%.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
