HDFC Standard Life IPO before 2009

Housing Development Finance Corporation Ltd (HDFC) has informed that the Corporation has agreed to sell 8,03,87,686 equity shares of Rs 10/- each of HDFC Standard Life Insurance Company Ltd (HDFC SLIC) to Standard Life (Mauritius Holdings) 2006 Ltd representing 7.15% of the total issued and paid-up equity capital of HDFC SLIC. Consequent to the said sale, Standard Life (Mauritius Holdings) 2006 Ltd would hold 26% of the total issued and paid-up equity capital of HDFC SLIC.

In this regard the following Press Release are as follows:

"HDFC and Standard Life Assurance Co. plc (SLAC) on December 31, 2007 have realigned their shareholding in HDFC Standard Life insurance Company Ltd (HDFC SLIC), the joint venture life insurance Company established by them. As a result, HDFC has today sold 7.15% of the equity of HDFC SLIC to Standard Life (Mauritius Holdings) 2006 Ltd at a pre agreed price. Post this, Standard Life (Mauritius Holdings) 2006 Ltd holds 26% of the equity capital of HDFC SLIC, the maximum allowed under current regulations.

HDFC and SLAC have also agreed that any future sale of shares by HDFC to Standard Life (Mauritius Holdings) 2006 Ltd, if and when permitted by law would be at a Fair Value.

HDFC Standard Life is one of India's leading private life insurance Companies, which offers a range of individual and group insurance solutions. The Company has been consistently growing since inception and has a new business market share of 9.2 percent in the private sector with total premium income of Rs 2,856 crores in the year 2006-07. The Company plans to aggressively grow its business in the coming years. HDFC SLIC has over 12000 employees and more than 1,00,000 Financial Consultants covering over 700 cities in India.

HDFC and Standard Life are committed to the continued growth of HDFC SLIC and an IPO of the business. Subject to the applicable Regulations, the current plan is to launch the IPO before the end of 2009."