HDFC completes 9% stake sale in HDFC Life to JV partner

HDFC has completed a 9% stake sale in HDFC Standard Life Insurance Company to its British joint venture partner (JV) Standard Life for a little over Rs 1,700 crore.

"Pursuant to the receipt of the requisite approvals, the corporation has completed the transfer of the said shares," HDFC said in a BSE filing on Friday.

In August last year, HDFC had said it will sell 9% stake in HDFC Life to Standard Life for a little over Rs 1,700 crore.

British firm Standard Life would be increasing its stake in the JV to 35% from 26% as the Indian government has allowed up to 49% foreign direct investment in the domestic insurance sector.

In a regulatory filing, HDFC said it would sell about 17.95 crore shares in the insurance JV at a price of Rs 95 apiece to Standard Life.

This 9% stake would be worth over Rs 1,705 crore and the stake sale would be subject to necessary regulatory approvals.

Post the sale, HDFC's stake in the joint venture has come down to 61.65%.