HDFC announces to acquire 51.2% stake in Apollo Munich Health Insurance for Rs 1,347 cr

HDFC added that it will buy 50.8 percent stake in Apollo Munich Health Insurance for Rs 1,336 crore from Apollo Hospitals Group and 0.4 percent stake held by some employees for Rs 10.84 crore.

Reuters June 19, 2019 19:47:20 IST
HDFC announces to acquire 51.2% stake in Apollo Munich Health Insurance for Rs 1,347 cr
  • German reinsurance company Munich Re will pay Rs 294 crore to Apollo Hospitals and Apollo Energy as termination fee

  • Post the deal, Apollo Munich is proposed to be merged with HDFC’s general insurance unit

Bengaluru: Housing Development Finance Corp Ltd (HDFC) on Wednesday said it will buy a 51.2 percent stake in Apollo Hospital Group’s joint venture, Apollo Munich Health Insurance Company for Rs 1,347 crore ($193.40 million).

HDFC announces to acquire 512 stake in Apollo Munich Health Insurance for Rs 1347 cr

Representational image. Reuters.

German reinsurance company Munich Re, which formed the joint venture with Chennai-based Apollo Hospitals, will pay Rs 294 crore to Apollo Hospitals Enterprise Ltd and Apollo Energy Ltd as termination fee, HDFC said in an exchange filing.

HDFC added that it will buy 50.8 percent stake in Apollo Munich Health Insurance for Rs 1,336 crore from Apollo Hospitals Group and 0.4 percent stake held by some employees for Rs 10.84 crore.

“The funds from the divestment will enable us to focus on investing and growing our core healthcare business,” said Shobana Kamineni, chairperson, Apollo Hospitals.

Post the deal, Apollo Munich is proposed to be merged with HDFC’s general insurance unit, HDFC ERGO General Insurance Company, Mumbai-based HDFC said.

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