Categories: Business

HDFC Life to acquire Exide Life Insurance for ₹6,687 crore

HDFC Life has announced to acquire a 100 per cent stake in Exide Life Insurance Company in a stock and cash deal, for Rs 6,887 crore. Subsequently, Exide Life will be merged with HDFC Life, subject to regulatory approvals. Exide Life is a wholly-owned subsidiary of battery maker Exide Industries. This acquisition will mark one of the first and the largest acquisitions in the life insurance space.

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About the deal:

  • From the total deal value of Rs 6,887 crore, HDFC Life will pay Rs 725 crore in cash, while the balance amount will be in form of shares.
  • HDFC Life will issue 87.02 million equity shares of the face value of Rs 10 at a price of Rs 685 per share to Exide Industries Limited.
  • Post the acquisition, Exide Industries will hold a 4.1 per cent stake in merged HDFC Life and mortgage lender HDFC Ltd will hold 47.9 per cent. Currently, HDFC Ltd. holds a 49.9 per cent stake in HDFC Life.

Important takeaways for all competitive exams:

  • HDFC Life Headquarters: Mumbai;
  • HDFC Life CEO: Vibha Padalkar;
  • HDFC Life Founded: 2000.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.

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Sumit Arora
3 years ago

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