The board of directors of Max India has approved a scheme of amalgamation and arrangement for merger of Max Life Insurance with Max Financial Services besides demerger of life insurance undertaking of Max Financial and merger of the said undertaking with HDFC Standard Life Insurance Co Ltd, it said.
The scheme involves merger of MFSL— holding the non-life insurance business — with the company, Max India said further.
Max India said that being the holding company, it is having investments in various subsidiaries and joint ventures engaged in growing these business investments.
Stock of the company closed 2.64 per cent down at Rs 147.60 on BSE.
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