HDFC to pick major stake in Apollo Munich
Update: 2020-01-03 00:23 IST
New Delhi: The country's largest mortgage lender HDFC Ltd on Thursday said the company and its subsidiary HDFC ERGO have got approvals for acquiring a majority shareholding in Apollo Munich Health Insurance Co Ltd.
According to the acquisition deal, HDFC will acquire majority stake in Apollo Munich from the Apollo Hospitals Group for Rs 1,347 crore and will merge the company with its arm HDFC ERGO.
HDFC will acquire 50.8 per cent from the Apollo Hospitals group for Rs 1,336 crore and will buy out the 0.4 per cent stake being held by the employees for Rs 10.84 crore.
Besides, the German insurer Munich Health will pay Rs 294 crore to Apollo Hospitals Enterprise and Apollo Energy for terminating their joint venture.