HDFC Life to buy Exide Life for ₹6,687 crore
The Hindu
HDFC Life Insurance Company has announced the acquisition of 100% stake in Exide Life Insurance Company from Exide Industries in a ₹6,687 crore deal. The deal includes issuance of 8,70,22,222 shares a
HDFC Life Insurance Company has announced the acquisition of 100% stake in Exide Life Insurance Company from Exide Industries in a ₹6,687 crore deal. The deal includes issuance of 8,70,22,222 shares at an issue price of ₹685 per share and a cash payout of ₹726 crore. Post completion of the deal, Exide Industries, the parent of Exide Life, will hold 4.1% stake in HDFC Life. The boards of HDFC Life, Exide Industries and Exide Life Insurance, in their respective meetings held on Friday, approved the sale transaction.
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