HDFC to buy 51.2% in Apollo Munich Health for Rs. 1,347 crore

HDFC to buy 51.2% in Apollo Munich Health for Rs. 1,347 crore

• The Housing Development Finance Corporation (HDFC) has announced that it will soon acquire 51.2 percent stake in Apollo Munich Health Insurance from the Apollo Hospitals Group at about Rs. 1,347 crore.
• It will be a two-stage transaction where in the first stage, Apollo Munich would be held as a subsidiary of HDFC and later in the second stage, it would be merged with HDFC Ergo General Insurance to form one entity under the HDFC Ergo brand.
• HDFC will pay Rs. 73.2 per share to Apollo Hospitals for the acquisition.

Points to Remember:

1. Which Bank has announced to buy majority stake in Apollo Munich Health Insurance?
2. What percent of stake will be acquired by HDFC in Apollo Munich Health Insurance?
3. What will be the cost of acquisition?