DLF completes sale of 74% stake in JV DLF Pramerica Life Insurance to DHFL: Media Report

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DLF completes sale of 74% stake in JV DLF Pramerica Life Insurance
DLF has completed sale of its 74 per cent stake in the joint venture DLF Pramerica Life Insurance to Dewan Housing Finance for an estimated Rs 250-300 crore, reported PTI. "Post completion of all the conditions precedent including regulatory approvals, DLF completed the sale of its 74 per cent stake in the insurance joint venture with Prudential Financial, Inc. to Dewan Housing Finance Corporation Limited (DHFL) & its group entities," DLF said in a filing to the BSE.

According to the report, the name of the JV shall change from DLF Pramerica Life Insurance Company to DHFL Pramerica Life Insurance Company.

DHFL and Prudential Financial Inc said that they have closed their previously announced JV transaction, following regulatory approval, to provide life insurance products to customers in India.

"Under the agreement, DHFL, along with its promoters' entities, has acquired DLF's 74 percent stake in DLF Pramerica Life Insurance Company Ltd. DHFL has capped its stake at 50 percent in accordance with National Housing Bank requirements, while the two other promoter entities have each acquired a 12 percent stake," DHFL said in a statement.

Dion Global Solutions Ltd.

Story first published: Thursday, December 19, 2013, 9:22 [IST]
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