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HDFC inches up acquiring majority stake in Apollo Munich Health Insurance

10 Jan 2020 Evaluate

Housing Development Finance Corporation (HDFC) is currently trading at Rs. 2463.95, up by 6.85 points or 0.28% from its previous closing of Rs. 2457.10 on the BSE.

The scrip opened at Rs. 2460.00 and has touched a high and low of Rs. 2477.00 and Rs. 2448.15 respectively. So far 13637 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2472.85 on 02-Jan-2020 and a 52 week low of Rs. 1821.55 on 27-Feb-2019.

Last one week high and low of the scrip stood at Rs. 2477.00 and Rs. 2371.65 respectively. The current market cap of the company is Rs. 427588.54 crore.

The Institutions holding in the company stood at 89.40%, while Non-Institutions held 10.60% stake in the company.

Housing Development Finance Corporation (HDFC) has completed the acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore. The company bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore.

With the completion of acquisition, Apollo Munich Health Insurance Company has been renamed as HDFC ERGO Health Insurance (HDFC ERGO Health) and will operate as a subsidiary of the company. The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India. The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry.

HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.

HDFC-Amalgamated Share Price

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