HDFC Standard Life has put on hold its IPO plan after announcing takeover of Max Financial Services , a listed company, and Max Life Insurance.
HDFC Standard Life today proposed to merge Max Life and Max Financial with itself.
As per the deal, there would be two schemes of amalgamation. First, Max Life will merge into Max Financial and then the merged entity would amalgamate into HDFC Life.
The company that would exist would be HDFC Life, which will automatically get listed on stock exchanges as it has merged a listed entity with itself.