 "HDFC gains as Standard Life to hike stake in insurance JV")
Standard Life will pay Rs 1,705 crore for the 9% stake, valuing the insurance joint-venture at Rs 18,951.4 crore.
HDFC Life is a joint venture between HDFC and Standard Life, a provider of financial services in the UK. Currrently, Standard Life (Mauritius Holdings) holds a 26 per cent stake in the joint venture.
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According to HDFC, after the deal, its holding in HDFC Life Insurance will be 61.65% and that of Standard Life (Mauritius Holdings) will be 35%.
The stock opened at Rs 1242 and touched a high of Rs 1244. At 9:20am, over 40,000 shares were traded on both the stock exchanges.
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