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Saturday, July 9, 2011

HDFC plans IPO for insurance business in two years

Housing Development Finance Corporation(HDFC) on Friday said that it may come out with an initial public offering (IPO) for its insurance business in about two years. 

"We are planning to come up with an IPO for insurance in two years," HDFC Chairman Deepak Parekh said at the annual general meeting ( AGM )) of the company. 

Parekh said the new Insurance Regulatory and Development Authority (IRDA) guidelines that allow life insurers to float an IPO without three year profitability clause would help but said the firm would need to discuss about it with its partner Standard Life. 

He said Standard Life would have to increase its stake to 49 per cent from the current 26 per cent, so that part of its shares (the increased stake) can be offered to the investors. 

Source- Economic times

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