14-Jul-2011
Source : The Economic Times
The HCL group founder of the India’s fifth-largest information technology company HCL Technologies Ltd is in advanced talks to buy a majority equity stake in realty firm DLF Ltd’s insurance joint venture DLF Pramerica Life Insurance Company Ltd for Rs 4.5 billion. The acquisition, which will be routed through the Shiv Nadar-controlled HCL group’s privately-held company, will be made in two phases, the paper said.
HCL group will initially acquire 44% stake in DLF Pramerica Life Insurance by purchasing fresh shares of the company and in the second stage buy another 30%.
The stake transfer will, however, be subject to approval by India’s insurance watchdog Insurance Regulatory and Development Authority (IRDA).
As per current guidelines governing insurance sector in India, the original partner in a life insurance company cannot sell its stake in the first 10 years of the company’s operations.
Currently, DLF owns 76% stake in the joint venture, while the remaining stake is held by the U.S.-based insurance giant Prudential International.
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