For consideration of Rs 1336 croreHousing Development Finance Corporation has entered into definitive agreements to acquire the entire 50.8% shareholding of Apollo Group, in Apollo Munich Health Insurance Company for a consideration of Rs 1336 crore and 0.4% shareholding held by a few employees for a consideration of Rs 10.84 crore, subject to regulatory approvals.
Post acquisition of the shares by HDFC, Apollo Munich shall be merged with its general insurance subsidiary, HDFC ERGO General Insurance Company.
To support the transaction with its material benefits for Apollo Munich, Munich Health will pay Rs 294 crore to Apollo Hospitals Enterprise and Apollo Energy in connection with the termination of their joint venture.
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