NEW DELHI: HDFC Life Insurance coverage Firm Ltd has accomplished the acquisition of Exide Life Insurance coverage Firm Restricted on 1 January 2022 after it obtained all related regulatory approvals.
From 1 January, Exide Life will function as an entirely owned subsidiary of HDFC Life.
HDFC Life Insurance coverage has acquired Exide Life by a money pay-out of Rs 726 crore and issuance of 8,70,22,222 fairness shares at worth of Rs 685 per share to Exide Industries Restricted.
Put up-acquisition, Exide Industries now holds 4.1% stake in HDFC Life. The method for merger of Exide Life into HDFC Life can be initiated shortly.
In an announcement by HDFC Life, the corporate mentioned Exide Life’s agency-based distribution mannequin, robust presence in South India, expertise throughout tier 2 and tier 3 places complement HDFC Life and can assist broaden its market and bolster its proprietary distribution.
Vibha Padalkar, MD & CEO, HDFC Life mentioned, “We recognise that the life insurance coverage market in India is multi-faceted, the place one resolution won’t match all. Totally different distribution channels and a various product combine assist cater to totally different buyer cohorts throughout the varied Indian geography, and this acquisition is a vital milestone in the direction of our strategic goal of bringing extra folks into the fold of monetary safety.”
Exide Life Insurance coverage has whole AUM of over Rs 18,000 crore (on the finish of March 2021) and boasts of over 40,000 insurance coverage advisors throughout 200 cities within the nation. It had a complete asset underneath administration of Rs 1.91 lakh crore on the finish of second quarter of 2021-22.
From 1 January, Exide Life will function as an entirely owned subsidiary of HDFC Life.
HDFC Life Insurance coverage has acquired Exide Life by a money pay-out of Rs 726 crore and issuance of 8,70,22,222 fairness shares at worth of Rs 685 per share to Exide Industries Restricted.
Put up-acquisition, Exide Industries now holds 4.1% stake in HDFC Life. The method for merger of Exide Life into HDFC Life can be initiated shortly.
In an announcement by HDFC Life, the corporate mentioned Exide Life’s agency-based distribution mannequin, robust presence in South India, expertise throughout tier 2 and tier 3 places complement HDFC Life and can assist broaden its market and bolster its proprietary distribution.
Vibha Padalkar, MD & CEO, HDFC Life mentioned, “We recognise that the life insurance coverage market in India is multi-faceted, the place one resolution won’t match all. Totally different distribution channels and a various product combine assist cater to totally different buyer cohorts throughout the varied Indian geography, and this acquisition is a vital milestone in the direction of our strategic goal of bringing extra folks into the fold of monetary safety.”
Exide Life Insurance coverage has whole AUM of over Rs 18,000 crore (on the finish of March 2021) and boasts of over 40,000 insurance coverage advisors throughout 200 cities within the nation. It had a complete asset underneath administration of Rs 1.91 lakh crore on the finish of second quarter of 2021-22.