Exide Ind to hold 4.1 pc stake in HDFC Life
BBN Bureau
MUMBAI/September 16-2022: The National Company Law Tribunal (NCLT) on Friday approved the merger of Exide Life Insurance with HDFC life Insurance.
The Scheme of Amalgamation was approved by the Mumbai bench of NCLT, HDFC life Insurance said in a regulatory filing.
Earlier this year, HDFC Life had announced acquisition of 100 per cent stake in Exide Life from its parent Exide Industries after issuing over 8.7 crore shares at an issue price of Rs685 and a cash pay-out of Rs726 crore, aggregating Rs6,687 crore.
Exide Industries now holds 4.1 per cent stake in HDFC Life.
The Scheme of Amalgamation is subject to the final approval of the Insurance Regulatory and Development Authority of India (IRDAI), the statement added.
