your password has been reset successfully, Please login again.

HDFC Life Scraps Merger Plan with Max Life

HDFC plans to call off its merger and push ahead with its IPO plans.
BY BEx Bureau
BusinessEx
Jul 18, 2017

HDFC Life and Max Life merger plans will no longer initiate even after negotiating deals for about a year. But to raise Rs 10,000 crore via IPO the HDFC Life took support from Morgan Stanley and Credit Suisse.

This transaction will lead HDFC on the top third position as a life insurer in stock exchanges after ICICI Prudential Life and SBI Life. The companys IPO will include part stake sale by Housing Development Finance Co which currently holds 61.6% stake, Standard Life of the UK, may also sell some shares and new shares may also issue by the company.

The merger of HDFC and Max Life is put on hold because the companies didnt get the approval from IRDA.

If Max Life and HDFC are able to obtain all necessary regulatory approvals, HDFC Life board and its promoters would be willing to re-evaluate the option of a merger with Max Life in due course, Board of HDFC stated.

Please add your Comment
SIMILAR News
December 15, 2017
Online home decor startup raises funding of $10 million from Accel Partners, Sequoia Capital and RB ...More
By Akshay Arora
December 15, 2017
Ratan Tata backed Teabox raises $7 million funding from RB Investments, others in Series B funding r ...More
By Akshay Arora
December 14, 2017
Rakesh Jhunjhunwala backs gaming business Nazara Technologies with Rs 180 crore. ...More
By Akshay Arora
December 14, 2017
Online food delivery startup Swiggy add on startup 48East team to build its new initiative Swiggy Ac ...More
By Akshay Arora
December 13, 2017
India's biggest paint maker Asian Paints makes another acquisition of Reno Chemicals in an all cash ...More
By Akshay Arora
December 13, 2017
Munesh Khanna backs Shopholix with Rs 1.5cr funding in pre-series A round of funding. ...More
By Akshay Arora
December 12, 2017
Food chain biz Chai Break raises Rs 5cr investment from Venture Catalysts and plans to expand in tie ...More
By Akshay Arora
December 12, 2017
Fraud Prevention Startup Simility raises $17.5 mn Investment in Series B round from Accel Partners a ...More
By Akshay Arora
December 11, 2017
Vahdam Teas raises funding in Series A round from Friseside Ventures and other existing investors. ...More
By Akshay Arora
December 11, 2017
Ed-tech startups Project Mudra and Logic Roots raises funding from venture capital firm Village Capi ...More
By Akshay Arora
December 08, 2017
The Label Life raises $20 crore funding from Centrum Group’s PE Fund and Kalpavriksh. ...More
By Akshay Arora
December 08, 2017
Emami buys 30 per cent stakes in The Man Company for undisclosed amount. ...More
By Akshay Arora