Possible strategic combination involving HDFC Life

RNS Number : 0313P

Standard Life plc

14 November 2016

 

Standard Life plc

Possible strategic combination involving HDFC Life

Standard Life plc ('Standard Life") notes the announcement today by Housing Development Finance Corporation Ltd ('HDFC') with reference to the scheme of amalgamation proposed by HDFC Standard Life Insurance Company Limited  ('HDFC Life') involving HDFC Life, Max Life Insurance Company Limited ('MLIC'), Max Financial Services Limited, and Max India Ltd.  An application was filed by MLIC and HDFC Life seeking the in-principle approval of the Insurance Regulatory and Development Authority of India ('IRDAI') for the above-mentioned scheme on September 21, 2016.  Standard Life notes the announcement by HDFC that IRDAI has expressed reservations regarding accepting the scheme of amalgamation in its current form. Standard Life further notes that HDFC Life believes that the scheme of arrangement as submitted to the IRDAI is in compliance with all applicable laws and that HDFC Life and MLIC propose to make suitable representations to IRDAI.

12 November 2016

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