Merger with Max Life will automatically list HDFC Life on Indian bourses
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As reported, Max Life Insurance and Max Financial Services will now be a part of HDFC Life, thanks to a two-stage merger. As per sources, this merger will facilitate automatic listing of
In the final entity after the merger, HDFC group, including HDFC, Standard Life and
After the report of this merger, shares in Max Financial Service touched the upper circuit of Rs 514 and closed at Rs 473.
As of now, Max Financial Services, a pureplay holding company for Max Life Insurance, finds place on on the Indian bourses, for which Analjit Singh had completed a three-way split of Max India last financial year. After demerger, Singh had sold 9.5% in Max Financial Service to KKR, the US-based private equity firm, in a deal of about Rs 1,000 crore worth.
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After this, the final merged entity will be combined with HDFC Life Insurance. "Given the current discussion, in the merged entity HDFC Life - MAX Life, the HDFC group will have about 65% stake and Max Group will have about 35% stake," a person involved in the deal told ET.
After this merger, HDFC Life Insurance will automatically get listed at about Rs 50,000 crore, helping HDFC raise funds by diluting its stake in the insurance firm though stock exchanges. This would also allow some of the marquee investors, who had invested in MFSL a few years back, to exit as and when they want.
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