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HDFC rises after board approves stake sale

Discussion in 'Indian Stocks' started by capitalstars05, Apr 20, 2016.

  1. capitalstars05

    capitalstars05 New Member

    Sep 26, 2014
    Likes Received:
    Housing Development Finance Corporation (HDFC) surged nearly 3%, touching to Rs1158.5, after the company announced that it has in-principle agreed to sell up to 10% of
    its stake in insurance arm HDFC Standard Life through offer for sale.

    The board of directors of HDFC Standard Life Insurance Company Ltd (HDFC Life), a material non listed subsidiary of the Corporation, at its meeting held on April 18, 2016, approved taking steps to initiate the process for an initial public offer (IPO) by way of offer for sale by the Corporation, up to 10% of the paid-up and issued equity share capital of HDFC Life.

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