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Standard Life hikes state in HDFC Life

HDFC is selling 9% stake in HDFC Life to its British joint venture partner Standard Life. The company will gain around Rs 1,700 crore from this sale. Standard Life will be increasing its stake to 35% from 26% as the Indian government has allowed up to 49% FDI in the domestic insurance sector. HDFC said in a regulatory filing that it would sell little over 17.95 crore shares in the insurance joint venture at a price of Rs 95 apiece to Standard Life. Post the sale, HDFC’s stake in the joint venture would come down to 61.65%. Standard Life’s CEO Keith Skeoch said the proposed investment demonstrates the company’s long-term commitment to India and the future success of HDFC Life.

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