INSUBCONTINENT EXCLUSIVE:
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.
