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HDFC to buy 51% stake in Apollo Munich

DNMUM437990 | 6/20/2019 | Author : DNA Money Correspondent | WC :570



Mumbai: Mortgage major HDFC Ltd will acquire Apollo Hospital’s entire 50.8% stake in Apollo Munich Health Insurance Ltd and 0.4% stake held by a few employees for Rs 1,336 crore and Rs 10.84 crore, respectively.
This will make HDFC ERGO the third largest private general insurer in the country. The deal is expected to be completed in the next 9-12 months. Munich Health Germany will pay Rs 294 crore to Apollo Hospitals Enterprise Ltd and Apollo Energy Ltd to support the transaction.
The merger will be effected in two stages. In the first stage, HDFC would acquire the entire equity stake of Apollo Hospitals Group and the equity stake of some employees, totalling 51.2% in Apollo Munich. In the second stage, there will be a merger of Apo
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