HDFC Life to acquire Exide Life Insurance for ₹6,687 crore
The Hindu
HDFC Life will acquire 100% stake in Exide Life Insurance
HDFC Life Insurance on September 3 said it will acquire Exide Life Insurance from Exide Industries in a deal worth ₹6,687 crore. “The board of directors of HDFC Life Insurance Company (HDFC Life), Exide Industries Ltd (Exide Industries) and Exide Life Insurance Company Ltd (Exide Life)... approved the transaction involving the sale of Exide Life Insurance to HDFC Life,” HDFC Life said in a release. HDFC Life will acquire 100% stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of ₹685 per share and a cash payout of ₹726 crore aggregating to ₹6,687 crore, it said.
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Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
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