HDFC Life Insurance to acquire one hundred% stake in Exide Life Insurance by admin- Friday, September 3rd, 2021 03:55:03 PM
HDFC Life Insurance at its board assembly held on September 03, has authorised acquisition of 100% of the percentage capital of Exide Life Insurance Company Limited for a complete attention of Rs. 6,687 crore.
The existence coverage employer will gather 100% stake in Exide Life from Exide Industries through issuance of eight,70,22,222 stocks at an trouble fee of ₹685 according to proportion and a cash payout of Rs. 726 crore aggregating to Rs. 6,687 crore.
The process for merger of Exide Life into HDFC Life may be initiated on final touch of the purchase.
The embedded fee of Exide Life, as on June 30, 2021, is Rs. 2,711 crore and has been reviewed through Willis Towers Watson Actuarial Advisory LLP, HDFC Life stated.