Housing Development Finance Corporation Limited( HDFC) said that the Company has agreed to buy a 51percnet stake in ApolloMunichHealth Ins Co for about Rs1,347 cr.
Consequently, ApolloMunich will be amalgamated with HDFC’s general insurance arm, HDFC-ERGO General Ins Co. Ltd. The merged insurance company has a combined market share of 6.4percnet of non-life insurance industry, with over 300 branches across the country.
Stock View: During mid-session of trading, Thursday, shares of HDFC were trading 0.84% higher and hit an intraday high of Rs.2203.80 on the National Stock Exchange.
Shares of Apollo Hospital Enterprises Ltd, at the same time, were trading at Rs1368.55per share, up by 1.25% or Rs16.80 from its previous closing of Rs1351.75.
Meanwhile, BSE Sensex stood at 39279.94 up 167.20-points and the NSE Nifty at 11737.25 up 45.80-points at 12.25pm.