Housing Development Finance Corporation (HDFC) has approved offering of up to 19,12,46,050 equity shares of HDFC Standard Life Insurance Company (HDFC Life), representing 9.57% of the paid-up and issued equity share capital of HDFC Life as on current date, for sale in the IPO. Post the said sale, HDFC Life would continue to be a subsidiary of the company.
On July 17, 2017, the board of HDFC Life had passed an enabling resolution approving the IPO, by way of an offer for sale up to a maximum of 20% of the paid-up and issued equity share capital, of HDFC Life.
Housing Development Finance Corporation (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.
