HomeHealthcare NewsHDFC to buy Apollo Munich in a deal worth Rs 1,347 crore

HDFC to buy Apollo Munich in a deal worth Rs 1,347 crore

HDFC Ltd will buy a 51.2 percent stake in Apollo Munich Health Insurance, the former said in a BSE filing on Wednesday.

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By Nisha Poddar  June 19, 2019, 8:45:14 PM IST (Updated)

HDFC to buy Apollo Munich in a deal worth Rs 1,347 crore
HDFC Ltd will buy a 51.2 percent stake in Apollo Munich Health Insurance, the former said in a BSE filing on Wednesday.



HDFC will acquire 50.8 percent in Apollo Munich for Rs 1,336 crore from Apollo Hospitals Group and 0.4 percent from a few employees for Rs 10.84 crore, the company said in its filing.

Apollo Munich is India’s second-largest health insurance provider. It is a 51:49 joint venture between Chennai-based Apollo Hospitals and German reinsurance company Munich Re.

Pratap Reddy and his family, the founders of Apollo Hospitals Enterprise Ltd, were looking to sell their stake in the venture to repay debt, Mint reported in February.

CNBC-TV18 has sent queries to HDFC and Apollo Group. The story will be updated once they respond.

This is a developing story, please check back for updates
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