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<ul><li>With the proposed buyout deal, <keyword id="268065" type="General" weightage="20" keywordseo="hdfc-life-insurance" source="Orion">HDFC Life Insurance</keyword> is said to enhance its agency business and benefit from Exide Life's strong presence in south Indian cities.</li><li>Shares of HDFC Life Insurance were down 3% after the announcement of the <keyword id="30334" type="General" weightage="20" keywordseo="acquisition" source="Orion">acquisition</keyword> as investors were not pleased with the huge deal.</li><li>Meanwhile, shares of Exide Industries were up 7%.</li></ul>HDFC Life Insurance has made plans to consolidate its business by acquiring another life insurance company <keyword id="2226848" type="General" weightage="20" keywordseo="exide-life-insurance" source="Orion">Exide Life Insurance</keyword> for ₹6,687 crore. This is said to be one of the largest acquisitions in India’s life insurance space, which has 23 private insurers. However, this deal has not impressed investors given the shares of the company slipped 3% and those of Exide Industries were up 7% as of 11:35 a.m., on September 3. <div type="image" title="HDFC Life chart" height="900" width="1200" msid="85891332" hostid="261"></div> On Thursday, September 2, shares of HDFC Life Insurance had surged 6% hitting a record high on expectation that the private insurer is likely to raise <a href="https://economictimes.indiatimes.com/markets/stocks/news/market-movers-what-sparked-a-stunning-rally-in-hdfc-life-insurance/articleshow/85866337.cms">₹1 billion</a> from investors as per a report by Economic Times. This was because on Tuesday HDFC Life had announced that its board will meet on Friday to raise funds through issue of equity shares on a preferential basis. Analysts feel that it is a good deal for Exide Life in terms of valuation, but a not-so-good deal for HDFC Life as it might be paying more. “There is little as such to gain for HDFC Life in the short term (in terms of this deal) and it will have to turn it around [towards] profitability over the next 12-15 months, which is why the stock (HDFC Life) has corrected. Market feels HDFC Life is clearly paying more, which is also why Exide’s stock is higher,” said an analyst at a broking firm on condition of anonymity. HDFC Life has a market share of 8% as of 31 July in terms of new business premium while Exide has a market share of 0.34%. New business premium is the premium acquired from new policies in a particular year. <div type="image" title="market share" height="900" width="1200" msid="85891352" hostid="261"></div> HDFC Life expects Exide Life to add 40% of topline agency business and 35% of agency pays, said a report by CNBC-TV18. Exide’s strong foothold in south India, especially in tier 2 and 3 towns will provide access to a wider market. In the past, HDFC Life had reportedly intended to acquire Max Life Insurance, but the deal did not go through because of regulatory hurdles. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-rise-on-hope-that-modi-government-will-use-these-rescue-options/articleshow/85890407.cms">Market hopes Vodafone Idea will be saved and these are the rescue options</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/if-you-contribute-more-than-2-5-lakh-yearly-to-provident-fund-it-will-now-be-taxed-all-you-need-to-know/articleshow/85890029.cms">If you contribute more than ₹2.5 lakh yearly to provident fund, it will now be taxed — All you need to know</a>

Here’s why HDFC Life Insurance shareholders aren’t excited about the buyout of Exide Life

In what is the biggest consolidation in the India's private insurance sector, <keyword id="1118012" type="UNKNOWN" weightage="100" keywordseo="max-life">Max Life</keyword> Insurance and <keyword id="3183205" type="UNKNOWN" weightage="100" keywordseo="Max-Financial-Services">Max Financial Services</keyword> will now be a part of <keyword id="4495056" type="COMPANY" weightage="100" keywordseo="HDFC-Standard-Life">HDFC Standard Life</keyword> Insurance. 
 
"The Board of Directors of HDFC Standard Life Insurance Company, Max Life Insurance Company Ltd and Max Financial Services Ltd... approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life Insurance Company Ltd and Max Financial Services Ltd into HDFC Life by way of a scheme of arrangement," said HDFC in an NSE filing. 
 
In another filing, Max Financial Services reported that the agreement gives a mutually agreed exclusivity period to the parties for due diligence and discussions regarding the proposed transaction. 
 
It added that the proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts/NCLT, and other TPAs. 
 
As of now, India allows 49% FDI in the insurance sector. 
 
<a href="http://www.businessinsider.in/photo/50044564.cms">Image source</a>

Max Life and Max Financial Services are now a part of HDFC Standard Life

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

<ul><li>At 7:45 am, the SGX Nifty was up 0.17%, indicating a green start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to begin on a tepid note on Wednesday, led by mixed cues from the global markets. The Indian markets ended at record highs on Tuesday, with Nifty inching closer to the 14,000 mark. At 7:45 am, the SGX Nifty was up 0.17%, indicating a green start for Nifty50. On Tuesday, the US stocks pulled back from record highs as hopes for $2,000 direct stimulus payments faded. The Dow Jones Industrial Average closed 0.22% lower, and the S&amp;P 500 was down 8 points. These are the stocks to watch out for during the trading session today: Jindal Stainless Jindal Stainless Hisar (JSHL) said its board had approved the company’s merger into the country’s largest stainless steel maker Jindal Stainless Ltd (JSL). Having a total melting capacity of 0.8 million tonnes per annum (MTPA), Hisar-based JSHL is the largest speciality stainless steel producer in India with a diversified value-added product portfolio. Future Retail &amp; RIL After Amazon, the<a href="https://www.timesnownews.com/business-economy/companies/article/future-retail-writes-to-sebi-asks-to-expedite-review-of-deal-with-reliance-retail-quickly/700431"> Kishore Biyani-led Future Group has written to market</a> regulator SEBI to review and approve its ₹24,713 crore deal with RIL. Future Group has requested SEBI to expedite the review of the proposed deal and issue a no-objection certificate, while Amazon had urged that the review of the “impugned transaction” be suspended. Jindal Steel &amp; Power Jindal Steel and Power (JSPL) said it had received the ‘regular rail supplier’ status from the Indian Railways. In a statement, JSPL said it had become the first private company in India to be awarded the ‘regular supplier’ status from the national transporter. SBI, PNB, HDFC Bank, ICICI Bank, Manappuram Finance, Muthoot, other NBFCs and banks SBI, PNB, HDFC Bank, ICICI Bank, Manappuram Finance, Muthoot, other NBFCs and banks will be in focus during the trade today. The <a href="https://timesofindia.indiatimes.com/business/india-business/financial-sector-faces-challenging-times-ahead-rbi/articleshow/80015883.cms">Reserve Bank of India (RBI) in a report</a> on Tuesday said the India's financial sector should brace for challenging times ahead with an increased risk of deterioration in asset quality and lower demand for loans. UPL UPL has completed the pre-payment of $410 million of 3.25% Senior Notes due October 2021. The company said that the pre-payment, which concluded on December 28, was done using the cash on its balance sheet. This prepayment is in line with its commitment to reduce debt. TCS &amp; Wipro The ₹16,000-crore buyback of Tata Consultancy Services, which will end on January 1, has received an overwhelming response from investors and has been subscribed 163% so far. Similarly, for Wipro, today is the second day to <a href="https://www.businessinsider.in/stock-market/news/wipro-share-buyback-offer-should-you-sell-your-shares-heres-what-analysts-are-saying/articleshow/80006272.cms">subscribe to ₹9,500 crore buyback</a>. The issue for Wipro will close on January 11. IRCTC Indian Railways will operate a special Mumbai-Delhi Rajdhani train 4 days a week. IIFL Securities The ₹90-crore share buyback for IIFL Securities will open today. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/mitch-mcconnell-says-the-senate-will-consider-trumps-demand-for-2000-stimulus-checks-but-rejects-initial-vote/articleshow/80017236.cms" data-type="tilCustomLink">Mitch McConnell says the Senate will consider Trump's demand for $2,000 stimulus checks but rejects initial vote</a> <a href="https://www.businessinsider.in/thelife/news/american-airlines-just-completed-the-boeing-737-maxs-first-passenger-flight-in-the-us-since-march-2019/articleshow/80016117.cms" data-type="tilCustomLink">American Airlines just completed the Boeing 737 Max's first passenger flight in the US since March 2019</a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink">The new strain of COVID-19 is a lot more contagious, warns India's Health Ministry</a>

Top stocks to watch — SBI, HDFC Bank, Wipro, RIL, Future Retail, TCS, Jindal Stainless, UPL, IRCTC, and others

<ul><li>The 30-share BSE index was trading 0.34% higher, and the broader NSE Nifty was trading points 39 higher on Friday at 10:40 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indices surged in early trade on Friday, tracking gains in index-heavyweights HDFC twins, Kotak Bank and Bajaj Finance amid largely positive cues from global markets and sustained foreign fund inflow. The 30-share BSE index was trading 0.34% higher, and the broader NSE Nifty was trading points 39 higher on Friday at 10:40 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr></tbody></table>*as of November 20, 10:35 am These are the top stocks in news today. <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> extends gain for the second day SpiceJet shares gained over 5% — extending gains for the second day in a row after the US FAA cleared Boeing’s 737 Max aircraft to resume flying. 737 Max aircraft were banned nearly two years ago after two fatal crashes. SpiceJet has a fleet of 13 such planes that were grounded in March 2019. <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword> gains nearly 5% The shares of Vodafone Idea soared 5% after receiving cash consideration of ₹3,760.1 crore for its 11.15% shareholding in Indus, post the completion of the much-delayed merger of Bharti Infratel and Indus Towers on Thursday. Mphasis up nearly 3% The shares of IT firm Mphasis gained over nearly 3% after its subsidiary, Mphasis Consulting, acquired UK-based Datalytyx for up to £13.3 million (about ₹130.4 crore). The acquisition is expected to provide access to strengthen Mphasis next-generation Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services, a regulatory filing said. <keyword id="6444828" type="ORGANIZATION" weightage="20" keywordseo="gland-pharma">Gland Pharma</keyword> stellar debut The shares of Gland Pharma listed at a premium of 12% over the issue price band on the Indian stock exchanges. The shares gained nearly 7% post listing, in minutes after debut. <keyword id="6425802" type="COMPANY" weightage="20" keywordseo="bharat-electronics">Bharat Electronics</keyword> surges 5% The shares of Bharat Electronics surged 5% post strong management guidance and brokerages remain bullish on the stock. Jefferies has maintained its “buy” rating with a target of ₹130 per share. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms" data-type="tilCustomLink">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a> <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-shares-list-at-premium-of-12-records-stellar-debut-despite-the-slow-subscription-numbers/articleshow/79315924.cms" data-type="tilCustomLink">FOMO helps Gland Pharma swell on debut</a>

You Searched For "Max HDFC merger" and got 6 results

Here’s why HDFC Life Insurance shareholders aren’t excited about the buyout of Exide Life

Bhakti Makwana

Max Life and Max Financial Services are now a part of HDFC Standard Life

BI India Bureau

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

Anushree Singh

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

BI India Bureau

Top stocks to watch — SBI, HDFC Bank, Wipro, RIL, Future Retail, TCS, Jindal Stainless, UPL, IRCTC, and others

Navdeep Yadav

Top stock movers — RIL, SpiceJet, Titan, Tech Mahindra, Vodafone Idea, Gland Pharma, Bharat Electronics, and others

Navdeep Yadav

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