HDFC Standard Life Insurance Co. Ltd’s board on Monday approved a proposal to sell as much as 20% of the insurer through an initial public offering (IPO) even as it reiterated its commitment to a potential merger with Max Life Insurance Ltd at a later date.
“We will file an application with IRDA (Insurance Regulatory and Development Authority of India) tomorrow (Tuesday) for an IPO and we expect an approval within 30-45 days,” said Amitabh Chaudhry, managing director and chief executive officer of HDFC Standard Life, in an interview after the company’s annual general meeting late on Monday evening.
