EDINBURGH (dpa-AFX) - Standard Life plc (SL.L) noted the announcement today by HDFC that the Board of Directors of HDFC Standard Life Insurance Company Limited, at its meeting on 17 July 2017, approved an enabling resolution for an initial public offering of HDFC Life by way of offer for sale by HDFC and Standard Life (Mauritius Holdings) 2006 Limited, up to a maximum of 20% of HDFC Life's paid up and issued equity share capital.
A letter from HDFC Life to HDFC stated that, with reference to HDFC Life's earlier announcement of a proposed merger between HDFC Life and Max Life Insurance Company Limited, it continues to believe that such a transaction, if it can obtain the necessary approvals, would create strategic value for both companies.
The letter also stated that, at the present time, no structure prior to an IPO of HDFC Life has been identified which satisfies shareholders' requirements, but if Max Life and HDFC Life are able to obtain all the necessary regulatory approvals, HDFC Life's Board and its promoters would be willing to re-evaluate the option of a merger with Max Life in due course.
Copyright RTT News/dpa-AFX