HDFC may launch IPO, as approval for merger with Max Life gets delayed
DSIJ Intelligence / 24 May 2017
Private sector insurance major, HDFC Life seems to return to its original plan of launching an initial public offering (IPO), according to the market sources, as the company’s alternate plan of merging with Max Life has not secured the approval of the regulator yet.
Private sector insurance major, HDFC Life seems to return to its original plan of launching an initial public offering (IPO), according to the market sources, as the company’s alternate plan of merging with Max Life has not secured the approval of the regulator yet.
The merger between the two insurance giants got indefinitely postponed as the Insurance Regulatory and Development Authority of India (IRDAI) sent it to the attorney general for approval as the prelude to the HDFC-Max merger involved an unconventional merger of Max Life with its holding company, Max Financial Services.
Following the HDFC-Max merger, HDFC Life would have automatically got listed on the stock exchanges as Max Financial Services is already listed.
On Tuesday, May 23, 2017, several news portals had reported that the HDFC Life- Max Life deal proposal had been returned to IRDAI by the attorney general without any comment.
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