Shares of the Max Financial rose more than 13 per cent on Friday after the Board approved merger of Max Life Insurance Company Limited and Max Financial Services Limited into HDFC Standard Life Insurance Company.
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.
The board has approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a proposal for a potential combination through a merger of Max Life Insurance Company Limited and Max Financial Services Limited with HDFC Life by way of a scheme of arrangement, HDFC Life said in the BSE press release.
Shares of Max Financial services were seen trading at Rs 485 higher by 13.46 per cent on BSE at 1.15 pm IST. It touched an intra-day high of Rs 514 during the trade.
Shares of HDFC Life were seen trading at Rs 1221, higher by 1.64 per cent on BSE. It touched an intra-day high of Rs 1225 during the trade.