These funds are proposed to be raised to further strengthen the cash reserves of the company post cash payout as part-consideration for acquisition of Exide Life Insurance Company.

On the same day, the board of the life insurer will consider and approve the audited standalone and consolidated financial results for the quarter and year ended 31 March 2022, and recommend final dividend, if any, to the shareholders for FY 2021-22.

HDFC Life Insurance Company is a joint venture between HDFC, India's leading housing finance institution and Abrdn (Mauritius Holdings) 2006, a global investment company. HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health.

The private life insurer reported a 3.27% rise in standalone net profit to Rs 273.65 crore in Q3 FY22 as against Rs 264.99 crore in Q3 FY21. Total income fell 32.68% to Rs 14,222.22 crore in Q3 FY22 over Q3 FY21.

The scrip fell 2.20% to currently trade at Rs 557.50 on the BSE.