As of 1:30 pm, HDFC Life shares were trading at Rs 735, lower by 3.14 percent, on the BSEHDFC Life Insurance coverage Business shares nosedived more than 3 per cent on the BSE after the business announced the acquisition of Exide Life Insurance coverage, a wholly-owned subsidiary of Exide Industries, for Rs 6,687 crore.
HDFC Life will get 100 per cent stake in Exide Life Insurance Coverage for Rs 6,687 crore, out of which Rs 725.97 crore will be paid in cash and the remaining quantity through a share problem.
As of 1:30 pm, HDFC Life shares were trading at Rs 735, lower by 3.14 per cent, on the BSE.Mr Deepak S.
Parekh, Chairman, HDFC Life said, This is a landmark deal, initially of its kind, in the Indian life insurance coverage area.
It would enhance insurance penetration and further our function of supplying monetary defense to a broader customer base.
HDFC Life will get 100 per cent stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue cost of Rs 685 per share and a money payment of Rs 726 crore, aggregating to Rs 6,687 crore, the business stated in a declaration to the stock exchanges.The proposed deal will assist speed up the development of HDFC Life's company service and take advantage of Exide Life's strong existence in South Indian cities, HDFC Life added.Exide Life Insurance coverage had a total premium income of Rs 3,325 crore for fiscal year 2020-21 and as on June 30, 2021 it had properties under management amounting to Rs 18,78 crore.The BSE Sensex and NSE Nifty were trading higher by 0.3 percent a the time.