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HDFC sells 7.15 per cent in Life JV to partner: Housing Development Finance Corporation (HDFC) will transfer 7.15 per cent stake in HDFC Standard Life Insurance Company to its foreign partner - Standard Life - at a pre-agreed price, reports The Hindu Business Line. Standard Life is said to have paid about Rs 201 crore to HDFC for the 7.15 per cent stake, according to the report. With this stake buy, Standard Life will hold 26 per cent in the insurance JV, the maximum foreign equity allowed in insurance ventures. Earlier, Standard Life could not hold 26 per cent in the insurance company as it held 9.2 percent stake in the parent HDFC. But, following Standard Life's last year's sale of its stake in HDFC to Citigroup for Rs 3,100 crore, that hurdle has been removed. After the current sale, HDFC's stake in Life insurance business will come down from 81.15 per cent to 74 per cent.

Austrian co ZKW to pick up 26% stake in Neolite: Austria-based ZKW Zizala Lichtsysteme GmbH will pick up a 26 per cent stake in automotive lighting manufacturer Neolite Industries for an undisclosed amount. ZKW, an OEM supplier for the front lighting for premium segment vehicles in Europe, has revenues of about 200 million euros from automotive lighting business. Neolite Industries has inked a joint venture agreement with ZKW- Zizala Lichtsysteme GmbH. ZKW will be taking an initial stake of 26 per cent in existing business of Neolite group, with an option to increase its stake up to 40 per cent.

ICICI Bank to sell 5% in Mascon Global: Mascon Global promoters have bought back 5 per cent stake from ICICI Bank. , K Chandra, the company's Executive Chairman & CEO, will see his holdings in the company rising to 9.26 per cent from the existing 4.25 per cent. Mascon Global develops and implements end-to-end IT solutions for clients, ranging from Fortune 500 companies to start-ups, from diverse industry segments. The firm also provides software implementation and consulting services throughout the US, Canada, Latin America, Europe, India and Asia Pacific.