HDFC Life Insurance will buy Exide Life

BENGALURU, INDIA : HDFC Life Insurance Co Ltd will buy the life insurance unit of Exide Industries Ltd for 66.87 billion rupees ($915 million), a news release said.

As part of the deal, HDFC Life will issue 87 million shares to Exide Industries at 685 rupees per share and a cash payout of 7.26 billion rupees.

Exide Life will be merged into HDFC Life after the acquisition is completed.

Exide Industries has till date made a total investment of 16.8 billion rupees in Exide life.

“It (the deal) would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base,” HDFC Life Chairman Deepak Parekh said.