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HDFC Acquires 0.69% Equity Stake in HDFC Life Insurance

28 Jun 2023 , 10:25 AM

HDFC has acquired a 0.69 % equity stake in HDFC Life Insurance Company through open market transactions. HDFC purchased 1.49 crore equity shares in HDFC Life at an average price of Rs 667.1 per share, totaling approximately Rs 992.64 crore.

The acquisition aims to increase HDFC’s shareholding in HDFC Life and strengthen its presence in the insurance industry. HDFC Life shares rallied nearly 6 percent to Rs 667 on the NSE, marking a second consecutive session of positive performance.

The Reserve Bank of India (RBI) had advised HDFC or HDFC Bank to increase their shareholdings in HDFC Life and HDFC ERGO to over 50 percent prior to the effective date of the planned scheme of amalgamation. As of March 2023, HDFC already held a 48.65 % stake in HDFC Life.

The acquisition brings HDFC closer to meeting the RBI’s requirement and solidifies its position as a majority stakeholder in HDFC Life Insurance Company. HDFC’s strategic move demonstrates confidence in the future growth prospects and profitability of HDFC Life.

The acquisition aligns with HDFC’s vision to strengthen its presence in the insurance sector and enhance its position as a major player in the industry.

For feedback and suggestions, write to us at editorial@iifl.com

HDFC Acquires 0.69% Equity Stake in HDFC Life Insurance

Related Tags

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