India: HDFC Life-Max merger ratio likely at 10:24

The merger of Max Financial Services Ltd, its unit Max Life Insurance Co. Ltd and HDFC Life Insurance Co. Ltd will be an all-stock deal, said two people with direct knowledge of the matter. Under a two-step process recommended to the boards of the companies, Max Life will first get merged into Max Financial in a 1:1 share swap ratio. Then, shareholders of HDFC Life will get 24 shares of this expanded Max Financial for every 10 shares they hold, the people said, requesting anonymity as the deal is still in the works.