HCL DLF Pramerica

Hello, I am looking for the information with regards to the news about HCL acquiring the stake in DLF Pramerica Life?

[Rajkumar Agarwal]

HCL group owned by Shiv Nadar is set to invasion in insurance segment, as HCL Group is in chats with DLF Pramerica Life to purchase a dominant part stake in it. HCL Group is set to purchase 51% stake in DLF Pramerica. The arrangement size is relied upon to associate with Rs 500 crore.

DLF Pramerica Life Insurance is a joint wander between DLF holding 74% stake and U.S.A. based Prudential International Insurance Holdings, an entirely possessed backup of Prudential Financial holding rest 26% stake. Pramerica is the exchange name utilized by Prudential budgetary.

Post this exchange DLF's holding will come to 23% in the joint wander while Prudential International Insurance holding will keep on holding 26% stake. KPMG has been selected as the counsel for the arrangement. Exchange is probably going to be finished in the following couple of months.

The arrangement was adhered a year ago because of stringent rules. Prior directions anticipated Indian promoters of insurance agencies from stripping their stake before finishing ten years of operations. A year ago back service deferred off that necessity.

In 2011-12 DLF Pramerica Life Insurance Company gathered Rs 102.8 crore by composing new arrangements. At present organization positions 21 among 23 extra security organizations in the nation as far as new premium gathering.