HDFC Life, part of the country's largest housing finance company HDFC, has filed draft for an initial public offering with Insurance Regulatory and Development Authority, reports CNBC-TV18 quoting unnamed sources.
The insurance regulator is likely to issue in-principle approval to HDFC Life IPO by next week.
Both shareholders mortgage lender HDFC & Standard Life Plc are likely to dilute stake in ratio of 3:1 through IPO.
HDFC owns 61.65 percent stake and Standard Life holds 35 percent in HDFC Life Insurance.
