IRDAI will take a call on HDFC Life’s IPO issue in the upcoming board meeting scheduled for August 28, 2017. “The insurance regulator will give its final verdict on HDFC Life’s IPO plan on August 28, 2017”, Nilesh Sathe, Member (Life) told Cafemutual on the sidelines of the recent CII Insurance Summit.
After India’s largest insurance merger between two prominent life insurers- HDFC Life and Max Life was called off, HDFC Life decided to turn its entire focus on its independent IPO, subject to the approval of IRDAI.
In its regulatory filing, HDFC Life said that the company would raise capital by selling 15% of its stake.
A media report said that if all goes well with HDFC Life’s IPO plan and it manages to get listed on the stock exchanges, the merger deal between HDFC Life and Max Life insurance could yet stand a chance. This is because the merger structure will then not be a hurdle as two life insurance firms amalgamate.
HDFC Life Insurance,the third largest life insurer posted a profit of Rs.892 crore and recorded an AUM of Rs.91,800 crore as on March 31, 2017.