'HDFC Life's IPO a year away'

"HDFC Life's initial public offering is at least a year away," said HDFC Chairman Deepak Parekh. Speaking to shareholders during the HDFC annual general meeting, Parekh said while discussions were on with the foreign partner Standard Life, where the latter indicated that they want to hike their stake to 35 per cent, clarification is being sought from FIPB on FDI hike in insurance. However, Mistry added that discussions to tweak stake in Standard Life insurance, may finalise in the next two-four weeks. Parekh said there was no plan currently to list its general insurance business HDFC Ergo.

The new insurance Act that has now come into force has allowed foreign joint venture partners to increase their stake in insurance venture to up to 49 per cent from 26 per cent allowed earlier.

The life insurance company has posted a drop in its profit to Rs 253.49 crore in Q1 compared to Rs 283.51 crore in the same quarter previous financial year.