The Board of Directors of HDFC Standard Life Insurance Company Limited (“HDFC Life”), Max Life Insurance Company Limited (“Max Life”), Max Financial Services Limited (“Max Financial Services”) and Max India Limited (“Max India”) at their respective meetings held today, approved entering into definitive agreements for amalgamation of businesses between the entities through a composite Scheme of Arrangement.
As a part of the proposed transaction, Max Life will be merged with Max Financial Services, thereafter the insurance undertaking in the resultant Max Financial Services would be demerged to HDFC Life and lastly, Max Financial Services will be merged into Max India. As a result of the transaction, HDFC Life would be listed on the National Stock Exchange of India Ltd. and BSE Ltd., subject to receipt of requisite regulatory approvals.
The merger will make HDFC Life India’s largest listed life insurance company with an estimated market value of Rs 67,000 crore once the all-share transaction is completed in about 12-15 months.
The merger is the first of its kind in the life insurance business in India
Standard Life (Mauritius Holdings) 2006 Limited, a promoter shareholder in HDFC Life is being represented by Cyril Amarchand Mangaldas, with Shishir Vayttaden, Partner and Prateek Shroff, Principal Associate.
HDFC Limited, a promoter shareholder in HDFC Life is being represented by AZB & Partners, with Varoon Chandra, Partner, Arvind Ramesh, Senior Associate and Gaurav Rohra, Associate