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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

Find More Business News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

Leave a Comment
Share
Published by
Sumit Arora
5 years ago

Recent Posts

Skyroot Aerospace’s Vikram-1 Signals New Era for India’s Private Space Industry

India marked the major milestone in the space journey as Skyroot Aerospace’s Vikram-1 which is…

7 mins ago

Top-5 Largest Pharmaceutical Companies in India by 2026

Pharmaceutical companies are very important for our daily lives because they make medicines that help…

53 mins ago

Sun Pharma Pursues $11.75 Billion Acquisition of Organon in Landmark Overseas Deal

The Sun Pharmaceutical Industries has revealed the ambitious plan to acquire the US-based Organon &…

1 hour ago

Justice Lisa Gill Sworn In as First Woman Chief Justice of Andhra Pradesh High Court

Justice Lisa Gill has taken oath as the first woman Chief Justice of the Andhra…

2 hours ago

Which Indian City is known as the Cradle of Indian Banking?

Mangaluru (earlier called Mangalore) is a beautiful coastal city in Karnataka. It is not only…

2 hours ago

India Partners with UNDP and Global Environment Facility for The Biodiversity Project

The Ministry of Environment, Forest and Climate Change (MoEFCC) and the National Biodiversity Authority (NBA)…

3 hours ago