The company said that the total investment value post conversion is Rs 25.04 crore.

Post conversion, HDFC Life will hold 5.46% shareholding in Xanadu via holding of 613 equity shares of face value Rs 10 each.

Since, the shareholding acquired is 5.46 % of the total paid‐up capital of the target entity regulatory approval is not required as this exposure is within current permissible limits.

Xanadu is inter alia engaged in rendering real estate services including sales, marketing and project management consulting services. The company had reported a consolidated income of Rs 142.4 crore in 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 company's standalone net profit rose marginally to Rs 358.66 crore in Q4 FY23 as against Rs 357.52 crore posted in Q4 FY22. Net premium income jumped 35.95% to Rs 19,426.57 crore in the quarter ended 31 March 2023 as compared with Rs 14,289.66 crore recorded in Q4 FY22.

Shares of HDFC Life Insurance Company declined 0.82% to Rs 647.15 on the BSE.