ICICI Pru, HDFC Standard plan to raise $1 bn in IPOs

Two of India’s leading private  sector insurers are looking to raise over $1 billion (Rs 6,650 crore) this financial year in the sector's first initial public offerings (IPOs), as insurance companies rush to take advantage of a change in ownership rules.

ICICI Prudential Life Insurance and HDFC Standard Life Insurance will likely be followed by SBI Life Insurance in reacting to a relaxation in foreign investment regulation last year that made share sales more feasible, in a country where most life insurers are part-foreign.

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