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Business EconomyPosted at: Jun 17 2016 3:04PM


Max Life, Max Financial Services to merge into HDFC Standard Life Insurance

New Delhi, Jun 17 (UNI) Private sector insurance firm Max Life Insurance and Max Financial Services today said they have decided to merge into HDFC Standard Life Insurance Company.
“The Board of Directors of HDFC Standard Life Insurance Company, Max Life Insurance Company and Max Financial Services at their respective meetings held today, approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life and Max Financial Services into HDFC Life by way of a scheme of arrangement,” Max Life and Max Financial Services said in a joint statement.
The agreement would provide for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
It also said that the proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts, NCLT and other third party approvals, as may be applicable.
At present, 49 per cent FDI is allowed in the insurance sector in India.
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Tags: #Max Life# Max Financial Services to merge into HDFC Standard Life Insurance
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