Majmudar & Partners represented Axis Bank Limited, the third largest private sector bank in India, in respect of the proposed merger of Max Life Insurance Company Limited with HDFC Standard Life Insurance Company Limited. Currently, Axis Bank is a minority shareholder of Max Life. Under a composite scheme of arrangement, Max Life is proposed to be merged into Max Financial Services Limited, and subsequently, the insurance undertaking from the combined Max Financial Services entity will be demerged to HDFC Life. HDFC Life will, thereafter, be listed on Indian stock exchanges, and Axis Bank will own shares in HDFC Life.

The merger of Max Life and HDFC Life will create the largest private life insurer in India, and the combined entity will be valued at approximately US$9.73 billion.

The deal threw up complex corporate, insurance and securities law issues, which were successfully navigated by the team from Majmudar & Partners led by Managing Partner, Akil Hirani.