Housing Development Finance Corporation provides update on subsidiary - HDFC Life

In reference to merger of Max Life and Max Financial Services into HDFC Life

Housing Development Finance Corporation has received from communications from HDFC Standard Life Insurance Company, a material non listed subsidiary of the Corporation, containing an update on the proposed merger of Max Life Insurance Company and Max Financial Services into HDFC Life through a composite scheme of arrangement.

In reference to the above composite scheme of amalgamation and arrangement, and according to its earlier communication on 12 November 2016 informing the decision of the IRDAI and the intent of the companies to make further representations to the Insurance Regulatory & Development Authority of India.

Further, to the representation made to the IRDAI , the Authority has on 07 June 2017, reaffirmed its original position regarding section 35 of the insurance Act, 1938. HDFC Life and Max Life are committed to the merger and are evaluating various options.

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