New Delhi: HDFC Life Insurance Co Ltd on Friday (September) said that the homegrown insurer is buying the life insurance unit of battery maker Exide Industries Ltd in a Rs 6,687 crore deal. With the acquisition, HDFC Life Insurance is aiming to increase its customer base.
As part of the cash and stock deal, HDFC Life will issue 87 million shares to Exide Industries at 685 rupees per share and a cash payout of Rs 72.6 crore, HDFC Life said in a regulatory filing.
Once the acquisition is completed, Exide Life is expected to be merged into HDFC Life. So far, Exide Industries has invested about Rs 168 crore in its insurance arm.
In the regulatory statement, HDFC Life Chairman Deepak Parekh said, “It (the deal) would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base.”
– This is a developing story.
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