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As <keyword id="472962" type="ORGANIZATION" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> and <keyword id="1118012" type="UNKNOWN" weightage="20" keywordseo="max-life">Max Life</keyword> are all set to create the country's biggest private life insurer, <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="10338" type="PERSON" weightage="20" keywordseo="Analjit-Singh">Analjit Singh</keyword> came together in a press conference to disclose some of the details of the deal which is now sealed. Parekh said he believes macro economic conditions in India are favourable for such a merger and, HDFC and Max have strong synergies. Meanwhile Analjit said he has not seen effective consolidation in <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in years. 

	Key announcements made: 
 

	- HDFC LIFE to be the listed entity on completion of merger process

	- Max Life to merge into Max Fin Svcs, then into HDFC LIFE

	-Renewable premiums to grow around 10% per year going ahead. New business premium to grow by 15% in five yrs

	-Deal is subject to regulatory, shareholder approvals, and there is no need for open offer in Max Life merger

	-The agreement provides for a mutually agreed 6-month exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
 

	The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs 9400 crore.
 HDFC Life is a joint venture between HDFC and <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, a provider of financial services in the UK. While HDFC holds 61.65 per cent in it, the foreign partner holds 35 per cent. Max Life Insurance, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo InsuranceCo. Ltd. The foreign partner holds 25 per cent in the insurer. Max Financial Services is already listed on the stock exchanges and is the holding company of Max Life Insurance. 

	For HDFC, this will be the second such merger announced in this month. Earlier in June, HDFC Ergo General Insurance, the general insurance arm of mortgage lender HDFC, said that it will acquire L&amp;T General Insurance for Rs 551 crore, which if completed would be the first ever merger in the insurance industry.

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

As <a href="http://www.businessinsider.in/Max-Life-Max-Financial-Services-HDFC-Standard-Life/articleshow/52793638.cms">reported</a>, Max Life Insurance and Max Financial Services will now be a part of <keyword id="472962" type="ORGANIZATION" weightage="100" keywordseo="HDFC-Life">HDFC Life</keyword>, thanks to a two-stage merger. As per sources, this merger will facilitate automatic listing of HDFC Life on the <keyword id="458987" type="UNKNOWN" weightage="100" keywordseo="Indian-bourses">Indian bourses</keyword> with a market capitalisation of about Rs 45,000 crore to Rs 50,000 crore, thus making it the largest pureplay listed life insurance player of the country. 
 In the final entity after the merger, HDFC group, including HDFC, Standard Life and <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword>, will have about 60-65% stake, while the Max group, under <keyword id="10338" type="PERSON" weightage="100" keywordseo="Analjit-Singh">Analjit Singh</keyword>’s leadership, will have 35-40% ownership, to be distributed among Singh family, Japanese financial behemoth Mitsui Sumitomo Insurance (MSI), a member of MS&amp;AD Insurance Group, Goldman Sachs, KKR and general public. 
 
After the report of this merger, shares in Max Financial Service touched the upper circuit of Rs 514 and closed at Rs 473. 
 
As of now, Max Financial Services, a pureplay holding company for Max Life Insurance, finds place on on the Indian bourses, for which Analjit Singh had completed a three-way split of Max India last financial year. After demerger, Singh had sold 9.5% in Max Financial Service to KKR, the US-based private equity firm, in a deal of about Rs 1,000 crore worth. 
 The deal announced today would have Max Life Insurance (MLI) merging with its parent company Max Financial Services (<keyword id="346739" type="ORGANIZATION" weightage="100" keywordseo="MFSL">MFSL</keyword>), which currently owns 68.01% stake, while the Japanese partner MSI owns 25% and Axix Bank holds another 5.99%; the remaining 1% stake while key employees of MSI. 
 
After this, the final merged entity will be combined with HDFC Life Insurance. "Given the current discussion, in the merged entity HDFC Life - MAX Life, the HDFC group will have about 65% stake and Max Group will have about 35% stake," a person involved in the deal told <a href="http://economictimes.indiatimes.com/markets/stocks/news/merger-with-max-life-to-facilitate-automatic-listing-of-hdfc-life/articleshow/52795023.cms">ET</a>. 
 
After this merger, HDFC Life Insurance will automatically get listed at about Rs 50,000 crore, helping HDFC raise funds by diluting its stake in the insurance firm though stock exchanges. This would also allow some of the marquee investors, who had invested in MFSL a few years back, to exit as and when they want.

Merger with Max Life will automatically list HDFC Life on Indian bourses

<keyword id="6376757" type="COMPANY" weightage="20" keywordseo="Max-India">Max India</keyword>'s board has approved a corporate restructuring plan under which, the company will be split vertically into three different listed companies through a demerger process. This move is being undertaken to enable a better focus on each business. 
 
The shares of Max India jumped by more than 11% during intra-day trade today. 
 
Max India will now be renamed as Max Financial Services Ltd and it will focus only on the life insurance business. The second company will be called Max India, which will oversee Max Healthcare, health insurance business Max Bupa and Antara Senior Living. The third company will be called Max Ventures and Industries Ltd, under which the investment activity of the group’s manufacturing subsidiary, called Max Speciality Films Ltd, will take place. 
 "This structural reconfiguration readies us to capitalise on opportunities created by the anticipated all round growth acceleration and to henceforth look at the wider world of business opportunities," Max India Chairman <keyword id="10338" type="PERSON" weightage="20" keywordseo="Analjit-Singh">Analjit Singh</keyword> said.

Max India Board Gives Its Nod
To Split The Company Into 3 Distinct Entities

Max Financial Services: Company worth ₹24,000 crore running with only 12 employees

<ul><li><keyword id="6411578" type="PERSON" weightage="20" keywordseo="ajay-piramal">Ajay Piramal</keyword> received ₹8,900 crore, a whopping 52% return or $1.4 billion as per the exit agreement from vodafone-Idea.</li><li>Singh however exited <keyword id="6354923" type="UNKNOWN" weightage="20" keywordseo="vodafone-india">Vodafone India</keyword> in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore.</li><li>Essar agreed to sell their stake at $5 billion which was a part of the deal</li><li>Here is a look at these three wise men</li></ul>The owners and shareholders of Vodafone Idea alike are nervous about its survival. All thanks to Supreme <a href="https://thewire.in/business/apex-court-verdict-on-agr-how-much-will-indias-telecom-industry-have-to-cough-up">Court’s move to support Indian telecom department</a> over a dispute on revenue calculations. That means <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone is saddled with a bill of ₹44,150 crore</a>. But not all those who invested in Vodafone have lost. In fact, <a href="https://www.business-standard.com/article/companies/wherever-vodafone-investors-go-hefty-returns-follow-114041500133_1.html">three investors made the right bet at the right time</a> and walked away with handsome profits. Here is a look at these three wise men Ajay Piramal makes 52% returns on his investment 
 
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 Right after the first telecom war cooled off, Vodafone India (before merger with Idea) was back in the green due to reduced competitive intensity. That is when Vodafone was planning to go ahead with a public offer. One of the pre-IPO investors was Ajay Piramal who via Piramal Enterprises purchased 11% stake in 2011-12. He paid ₹5,864 crore but when it became obvious that the IPO plans were not going through, he also sold them in 2014. And, <a href="https://www.forbes.com/sites/naazneenkarmali/2013/12/06/indian-billionaire-ajay-piramal-to-get-500-million-windfall-from-vodafone-stake-sale/#645833232d13">he received ₹8,900 crore</a>, a whopping 52% return or $1.4 billion, as per the exit agreement. Putting it simply, he received a listing premium for an IPO that never happened. Now of course, the Piramals are associated with the reigning telecom giant Jio, by marriage. Ajay Piramal’s son Anand Piramal is married to Isha Ambani, the daughter of Mukesh Ambani, the owner of Reliance Industries. Analjit Singh exits his legacy investments for ₹1, 241 crore 
 
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 <a href="https://www.thehindubusinessline.com/info-tech/analjit-singh-appointed-vodafone-india-chairman/article23065539.ece">Analjit Singh</a>, the founder and chairman of Max India, and his wife held 24.65% in Vodafone through Scorpio Beverages. He <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">had been with the Hutch group</a> before it was purchased by Vodafone and also increased in stake later. Singh however exited Vodafone India in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore. He got <a href="https://economictimes.indiatimes.com/industry/telecom/analjit-singh-to-get-1/7th-of-what-piramal-will-get-for-exiting-vodafone/articleshow/26973026.cms?from=mdr">1/7th of what Piramal received</a>, as the British parent was increasing its stake in the company. He currently heads Max Group that comprises of three holding firms, namely Max Financial Services, Max India and Max Ventures and Industries. The Ruias of Essar call in the cash with their put option 
 
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 When Ruias of Essar sold 67% of controlling stake to Vodafone in 2007, they never exited completely. They had held 33% minority stake in the company. The former deal which landed Vodafone in an <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">unexpected tax case</a>, also provided Ruias with a put option to exit their investment. During the start of this decade, Vodafone was planning an IPO and buying out all the minority shareholders. After multiple rounds of <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">negotiating and dilly dallying</a>, Essar agreed to sell their stake at $5 billion which was a part of the deal. However, since the 2007 deal was brokered, the value of India business had gone down due to severe competition as Tata DoCoMo made an entry in 2008. See also: <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone-Idea is now a ₹3 stock after a shocking quarterly loss</a> <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms"> </a><a href="https://www.businessinsider.in/business/corporates/news/vodafone-writes-off-book-value-of-indian-operation-ceo-flags-liquidation-risk/articleshow/72031766.cms">Vodafone CEO Nick Read hints at a possible collapse without government support</a>

Three wise men who exited Vodafone India just in time to make millions

New Delhi, Mar 4 () Tokyo-based Mitsui Sumitomo Insurance will acquire 21.87 per cent stake in Max Financial Services by swapping majority of its shareholding in Max Life Insurance (MLIC), a statement said on Wednesday. The board of Max Financial Services Ltd (MFS) has approved a transaction which will allow Mitsui Sumitomo Insurance (MSI) to swap 20.57 per cent of its shareholding in Max Life insurance with 21.87 per cent stake in MFS, the statement added. MFS and MSI (a part of MS&amp;AD Insurance Group Holding of Japan) are 73:25 joint venture partners in private life insurer Max Life Insurance Company of the Analjit Singh-promoted Max Group. This will enable the company to simplify the shareholding structure in its subsidiary and have more flexibility to attract strategic investments in Max Life in the future and yet maintain its significant majority ownership, MFS said in the statement. As per the transaction structure, MSI will get 75,458,088 shares of MFS at Rs 565.11 per share aggregating to 21.87 per cent of the paid-up equity share capital. In consideration, MFS will receive 394,775,831 shares from MSI at a price of Rs 108.02 per share, translating into 20.57 per cent stake of MLIC. "Pursuant to this, the equity stake held by MFS in Max Life will increase to 93.10 per cent. The transaction will lead to a change in MFS' shareholding pattern," it added. The transaction will also provide MFS the option to purchase from MSI its balance shareholding in Max Life for cash at a price of Rs 85 per share. The transaction is subject to requisite approvals and is expected to be concluded by June 2020. "We value MSI as our long term partners in the life insurance business and we are confident that they will continue to provide their expertise and counsel to MFS and Max Life through the board governance mechanism," said Mohit Talwar, MD, Max Financial Services and Vice Chairman, Max Group. This transaction makes the holding structure simpler and helps consolidate shareholding in Max Life which is expected to benefit all shareholders by attracting more investor interest, Talwar said. KPM ABM

Japan's Mitsui Sumitomo to acquire 21.87 pc stake in Max Financial in share swap deal

These 119 Indian billionaires are worth over $300 billion right now, according to Forbes

You might have never heard the name of <keyword id="3015094" type="PERSON" weightage="100" keywordseo="Rajat-Sethi">Rajat Sethi</keyword>, but several <keyword id="65833" type="COMPANY" weightage="100" keywordseo="MAs">M&amp;As</keyword> that have happened in India in the recent past have been a result of Sethi’s hardwork. 
 
Also read: <a href="http://www.businessi nsider.in/small-business/companies/voda-idea-merger-gave-india-incs-ma-tally-a-fourfold-jump/articleshow/58163035.cms">Voda-Idea merger gave India Inc's M&amp;A tally a fourfold jump</a> 
 
About a decade ago, Sethi helped a telecom giant in negotiating the terms and conditions of its $11-billion exit from India, a complicated transaction that not only involved Indian shareholders but also had overseas investment limits, future promises of exits, lock-ins related to performance, and various regulatory issues. 
 However, <keyword id="166105" type="COMPANY" weightage="100" keywordseo="Hutch">Hutch</keyword> did exit successfully from India after <a href="http://www.businessinsider.in/small-business/tech/softbank-may-pick-up-minority-stake-in-vodafone-india-heres-the-latest-development/articleshow/57306703.cms">Vodafone </a>acquired a 67% stake in it, and Sethi was the person to be credited. 
 
Ever since, Sethi has helped Vodafone a) make acquisitions so that it can expand its network in India, b) create <a href="http://www.businessinsider.in/small-business/tech/Telecom-towers-in-India-are-getting-a-make-over/articleshow/55691591.cms">Indus tower</a>, the tower partnership Indus with two of its biggest rivals <a href="http://www.businessinsider.in/small-business/companies/bharti-airtel-has-sold-10-of-its-stake-in-bharti-infratel-to-kkr-and-cppib/articleshow/57872873.cms">Bharti Airtel</a> and Idea Cellular, and c) transfer shares from Indian joint venture partners Essar, the Piramal Group and individuals like Analjit Singh and Asim Ghosh. 
 
Also read: <a href="http://www.businessinsider.in/Vodafone-India-re-organizes-its-leadership-structure/articleshow/54463745.cms">Vodafone India re-organizes its leadership structure</a> 
 
When the time came for the merger between Vodafone and Idea Cellular, which would result in <a href="http://www.businessinsider.in/idea-to-merge-with-vodafone-india-time-to-say-hello-to-indias-biggest-telco/articleshow/57728557.cms">India's biggest phone company</a>, Sethi was the man to be remembered for being the legal advisor. 
 
Sethi, co-founder of S&amp;R Associates (2005) along with Sandeep Bhagat, is known to be calm, methodical and thorough, who usually is the first person to come to the office and the last to leave. 
 
"He is quiet, only speaks when it's needed but that is why when he speaks his words have gravitas," Deep Kalra, Makemytrip CEO told <a href="http://economictimes.indiatimes.com/news/company/corporate-trends/meet-the-calm-methodical-deal-maker-rajat-sethi-the-legal-brain-behind-some-of-indias-big-ma/articleshow/58159499.cms">ET</a>. Sethi had helped the travel portal in its merger with rival <a href="http://www.businessinsider.in/thelife/destinations/Goibibo-enables-guest-houses-to-collect-digital-payments/articleshow/55687264.cms">GoIbibo </a>last year, a deal worth around $2-billion. 
 
Also read: <a href="http://www.businessinsider.in/India-based-MakeMyTrip-is-buying-ibibo-Group/articleshow/54922131.cms">India-based MakeMyTrip is buying ibibo Group</a> 
 In the telecom space, Sethi has navigated the $1-billion investment by Qatar's sovereign wealth fund in market leader <keyword id="6354287" type="CITY" weightage="100" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> in 2013. 
 
It was in 1999 that Sethi had met Bhagat at the law firm Pathak and Associates, after Bhagat had returned with a degree from Cornell Law School, while Sethi had just moved to corporate law from litigation. 
 
It was their idea to make it big that had them pursuing limited work, and the confidence in their work because of which they priced themselves on par with market leaders, promising quality and personal attention. 
 
Who knew then, that these two form a partnership that would help sealing the deals between some of world’s biggest and widely known companies. 
 
(Image source Bar and Bench)

You Searched For "Analjit Singh" and got 8 results

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

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