Max Financial Services and Max Life have entered into an agreement for a merger with HDFC Life. Under this arrangement, Max Life will first merge with Max Financial Services which in turn will merge with HDFC Life.
Since Max Financial Services is already listed, the combined entity would automatically be listed, without the need for Housing Development Finance Corporation (HDFC) Life having to go to the market separately for an initial public offer (IPO) of equity. In a statement to the stock exchanges, Max Financial Services and HDFC said their respective boards had approved entering a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger. Their joint venture partners, Mitsui Sumitomo Insurance of Japan and Standard Life of the UK, have also given the nod for the proposal.