Housing Development Finance Corporation (HDFC) has entered into an agreement with Chubb Global Financial Services Corporation, USA (Chubb Global) to acquire its stake in HDFC Chubb General Insurance Company (HCGICL), following which HCGICL will become a 100% subsidiary of HDFC.According to an official release issued by the company to the BSE today, the stake held by Chubb Global represents 26% of the paid up share capital of HCGICL. As per the terms of the agreement, HDFC will buy 32,500,000 equity shares of Rs 10 each, subject to receipt of requisite approvals.
