BWI: HDFC Life, Max Life and Max Financial Services Announces Entering into Exclusivity to Evaluate a Strategic Combination

Source : Max Financial Services Ltd. (MFS) Friday, June 17, 2016 2:42PM IST (9:12AM GMT)   (NSE:MFSL)(BSE:500271) HDFC Life, Max Life and Max Financial Services Announces Entering into Exclusivity to Evaluate a Strategic Combination   Mumbai, Maharashtra, India The Board of Directors of HDFC Standard Life Insurance Company Ltd. (“HDFC Life”), Max Life Insurance Company Ltd. (“Max Life”) and Max Financial Services Ltd. (“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. The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.   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.    Follow up announcements shall be made as necessary.   About HDFC Life   HDFC Life is one of the leading life insurance companies in India offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children’s & Women’s Plan. The total premiums for the year ending March 31, 2016 were Rs. 16,313 crores and total AUM as of March 31, 2016 was Rs. 74,247 crores.   About Max Life   Max Life, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Co. Ltd. Max Life offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners. The total premiums for the year ending March 31, 2016 were Rs. 9,216 crores and total AUM as of March 31, 2016 was Rs. 35,824 crores.   About Max Financial Services   Max Financial Services, a part of the US$ 2 billion Max Group, is the parent company of Max Life, India’s largest non-bank, private life insurance company. Max Financial Services actively manages a 68% stake in Max Life, making it India’s first listed company focused exclusively on life insurance.   Media Contact Details Nitin Thakur, Max India Ltd., ,+91-9873347428 , nthakur@maxindia.com Anshuman Dutta, Text 100 , ,+91-9971553969 , anshuman.Gunjan@text100.co.in   To ensure that you continue to receive email from Business Wire India in your inbox, please add businesswireindia.com to your Address Book or Safe List.   To submit a press release, click here. To unsubscribe or modify your Business Wire India settings, please visit your profile page on Business Wire India. Connect with us on: Facebook | Twitter | Google+