HDFC Life snaps up Exide Life for $915m
HDFC Life is India’s biggest private sector insurer.
The HDFC Life Insurance Company has acquired 100% of the share capital of Exide Life Insurance for $915m (INR66.87b) from the battery maker firm, Exide Industries.
According to a report by Reuters, the acquisition was paid in cash of INR7.26b, with the balance paid through in issuance of 87 million shares of HDFC Life to Exide Industries at 685 rupees per share.
The acquisition is a two step process wherein Exide Life will first become a subsidiary of HDFC Life, and, pending approval of the National Company Law Tribunal, will then merge with each other.