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India's insurance regulator approves transfer of HDFC Life shares to HDFC Bank

Reuters
Updated ·1-min read
FILE PHOTO: The headquarters of India's HDFC bank is pictured in Mumbai

BENGALURU (Reuters) -An Indian regulator has approved HDFC Ltd's move to transfer its near 49% stake in its life insurance unit to HDFC Bank, clearing a key step ahead of their merger.

HDFC announced a $40 billion deal last year to merge with the top private lender. As part of the transaction, which is set to close next month, HDFC Ltd was required to transfer its units to HDFC Bank.

The Insurance Regulatory and Development Authority of India has also allowed HDFC Ltd to raise its stake in HDFC Life to more than 50%.

Post-merger, HDFC Bank will have a majority stake in the insurer, allowing the bank to show it as a subsidiary and consolidate its earnings.

(Reporting by Chris Thomas in Bengaluru; Editing by Anil D'Silva)