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HDFC to acquire entire 50.8% stake of Apollo Group in Apollo Munich Health Insurance Company

Capital Market 

For consideration of Rs 1336 crore

Housing 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 19 2019. 17:54 IST
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