Max Financial Services and HDFC said that their respective boards have approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential integration by the way of a merger.
The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts/NCLT, and other third party approvals, as may be applicable, according to Max Financial Services.
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If the proposed transaction metalizes, it would be the biggest consolidation in the country’s private insurance sector, which currently has 24 life insurers and 29 general insurers.
"The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to the proposed transaction," Max Financial Services said in a statement to BSE.
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