HDFC Life completes acquisition of Exide Life – The New Indian Specific

By specific information service

New Delhi: HDFC Life Insurance coverage Firm Restricted has accomplished the acquisition of Exide Life Insurance coverage Firm Restricted on January 1, 2022, after acquiring all related regulatory approvals.

Exide Life will function as an entirely owned subsidiary of HDFC Life with impact from January 1.

HDFC Life Insurance coverage has secured a money cost of Rs 726 crore to Exide Life and issuance of 8,70,22,222 fairness shares to Exide Industries Restricted at a worth of Rs 685 per share.

Put up the acquisition, Exide Industries now holds 4.1% stake in HDFC Life. The method of merger of Exide Life with HDFC Life shall be initiated quickly.

In a press release to HDFC Life, the corporate stated that Exide Life’s agency-based distribution mannequin, robust presence in South India, expertise in Tier 2 and Tier 3 areas complement HDFC Life and assist it increase its market and its proprietary distribution. will assist strengthen it.

Vibha Padalkar, MD & CEO, HDFC Life, stated, “We imagine that the life insurance coverage market in India is multi-faceted, the place one resolution could not swimsuit everybody. Totally different distribution channels and various product combine embody various buyer teams throughout various Indian geographies. and this acquisition is a crucial milestone in the direction of our strategic goal of bringing extra folks into the realm of monetary safety.”

Exide Life Insurance coverage has a complete AUM of over Rs 18,000 crore (at end-March 2021) and has over 40,000 insurance coverage consultants in 200 cities within the nation. Its whole property below administration stood at Rs 1.91 lakh crore on the finish of the second quarter of 2021-22.

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