HOUSING DEVELOPMENT FINANCE CORP.LTD. - Clarification from Housing Development Finance Corporation Ltd
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| 31 Jul 2014 | |
| The Exchange had sought clarification from Housing Development Finance Corporation Ltd with respect to the news published in Economic Times on July 30, 2014 stating that "Standard Life may Infuse More into HDFC Life"<br/><br/>Housing Development Finance Corporation Ltd has replied as under: <br/><br/>"In the recent Union Budget, the Honorable Finance Minister Shri. Arun Jaitley had proposed an increase in the composite cap in the Insurance Sector to 49 per cent from the current level of 26 per cent, with full management and control, through the FIPB route.<br/><br/>On July 24, 2014, the Cabinet Committee on Economic Affairs headed by the Prime Minister Shri. Narendra Modi has cleared the said proposal and it is expected that the proposal will be tabled in Parliament in the current session. We are monitoring the progress on this front and look forward to the details emerging.<br/><br/>In the meanwhile these developments have led to considerable speculation on the Corporation's share holding in its subsidiary, HDFC Standard Life Insurance Company Limited (HDFC Life). We state that there has been no decision on the change in the shareholding.<br/><br/>At an appropriate stage after Parliament approves and notifies the proposed amendments, the Corporation may consider a revision in the shareholding pattern of HDFC Life in consultation with its joint venture partner, Standard Life Plc.<br/><br/>We reiterate, any decision on the subject would be taken thereafter and intimated to the Exchange in accordance with the Listing Agreement." | |
| View all announcements for HOUSING DEVELOPMENT FINANCE CORP.LTD. | Source: BSE India |
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