Leading insurance firm HDFC Standard Life is likely to have a capital infusion of Rs 350 crore in the current fiscal, a top company official said.
“Capital infusion will continue in the current year from HDFC and Standard Life. We expect a capital infusion of Rs 350 crore this year,” HDFC Standard Life Insurance’s Executive Director Paresh Parasnis told reporters here on Friday.
The company is mulling an IPO after the insurance regulator, IRDA, comes out with its guidelines for the same, expected soon.
“We are mulling an IPO next year but we have not finalised anything yet. We are awaiting the green signal from the Insurance Regulatory and Development Authority (IRDA),” Mr. Parasnis said on the sidelines of an insurance summit here.
Earlier, IRDA Chairman J Hari Narayan said the insurance regulator proposed to come out with disclosure norms for Initial Public Offering (IPO) by insurance companies by this month-end.
“We will be ready with the disclosure norms by the end of this month,” Mr. Narayan said.
With the economy reviving, Mr. Parasnis said he was expecting good business in the coming days.
“We welcome the Government’s initiative (proposed) to increase the FDI limit from 26 per cent to 49 per cent (in the insurance sector),” he said.