HDFC Life to acquire Exide Life Insurance

Private life insurer HDFC Life Insurance Friday said it will acquire Exide Life Insurance from Exide Industries in a deal worth Rs 6,687 crore.

The board of directors approved the transaction involving the sale of Exide Life Insurance to HDFC Life, HDFC Life said in a release. HDFC Life will acquire 100 per cent stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore aggregating to Rs 6,687 crore.

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