Housing Development Finance Corporation (HDFC), the country’s largest mortgage lender, has concluded the sale of 9% stake in HDFC Standard Life Insurance Company (HDFC Life), a subsidiary of the corporation, to Standard Life (Mauritius Holdings). The corporation has completed the transfer of the said shares pursuant to the receipt of the requisite approvals.
Last year in August, the company had agreed to sell 17,95,39,209 equity shares of Rs 10 each of 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.
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.
