Merger off table, focus is on HDFC Life IPO: Parekh

Under section 35 of Insurance Act an insurance cos can only be merged with another insurer: Parekh

Deepak Parekh, the chairman of the largest mortgage lender HDFC, said on Wednesday the proposed merger of HDFC Life Insurance and Max Life has been called off and the company is now focused on taking its life insurance arm public through the initial public offering (IPO).

Parekh said the IPO is likely to come in by late November or in the first week of December. HDFC Life and Max Life had proposed a merger last August where Max Life was to be merged first with Max Financial Services, its holding company.

Parekh said under section 35 of the Insurance Act an