HDFC to buy Chubb's stake in insurance JV

Housing Development Finance Corporation Ltd said on Tuesday it will acquire US-based Chubb Global Financial Services Corporation's 26 per cent stake in their joint insurance venture.

In a communique to the Bombay Stock Exchange, HDFC said it would acquire 325 lakh equity shares of Rs 10 each, representing 26 per

cent of the paid up share capital of HDFC Chubb General Insurance Co Ltd, from Chubb Global.

HCGICL would become a 100 per cent subsidiary of the company after the acquisition, which is subject to other requisite approvals, it said. The shares of HDFC were trading at Rs 1,670.50, down 0.33 per cent, on BSE in late afternoon trade.