Saturday, September 23, 2017

India’s HDFC Life shareholders push IPO plans

Shareholders of HDFC Life Insurance, the Mumbai-based long-term life insurance provider, are reportedly keen to push ahead with its initial public offering (IPO) plans after the insurer’s merger with Max Group’s life insurance business is likely to be called off.

The three-way merger involving HDFC Life, Max Financial Services and Max Life Insurance that was proposed in June last year was rejected by the Insurance Regulatory and Development Authority of India (Irdai) in May this year.

The board of HDFC Life, in its meeting on July 17, will take a call on the next steps to be taken regarding the merger.

Sources said Standard Life Insurance, HDFC Life Insurance’s foreign joint venture partner, is not inclined to wait any more as it wants to list the joint venture at the earliest possible date.

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