Apollo Hospitals up 5% as IRDA approves stake sale in Apollo Munich to HDFC

Apollo Hospitals, in June 2019, had accorded the sale of the entire 9.96 per cent equity stake held by it in Apollo Munich Health Insurance Company Ltd.

Shares of Apollo Hospitals Enterprise jumped 5.2 per cent to Rs 1,501.5 per share on the BSE on Thursday after the company said Insurance Regulatory and Development Authority of India (IRDAl) has approved HDFC's bid to acquire 51.2 per cent stake in Apollo Munich Health Insurance Company (AMHI). Competition Commission of India (CCI), and Reserve Bank of India (RBI) have already approved the deal.

"We wish to inform you that AMHI,  HDFC ERGO General Insurance Company, and HDFC have received requisite approvals for the said acquisition from CCI, RBI and the last being from IRDAl on January 1, 2020," the company