HDFC Life Mulls IPO

Ahmedabad: HDFC Standard Life Insurance is likely to offload over 10 per cent equity through an initial public offer (IPO). The public issue will make HDFC Standard Life the country''s first life insurance company to be listed on the Indian bourses.

HDFC Standard Life Insurance is a joint venture between HDFC and UK-based insurer Standard Life, which holds an 18.1 per cent stake in the JV. Standard Life Insurance Company was recently listed on the London Stock Exchange. The life insurance business will need capital of around Rs 600 crore for the current year, the source said. The IPO size would be above Rs 100 crore. At present, the insurance regulation allows an Indian insurance company to dilute only up to 26 per cent to any foreign partners.