HDFC Life to buy Exide Life for ₹6,687 crore
The Hindu
HDFC Life Insurance Company has announced the acquisition of 100% stake in Exide Life Insurance Company from Exide Industries in a ₹6,687 crore deal. The deal includes issuance of 8,70,22,222 shares a
HDFC Life Insurance Company has announced the acquisition of 100% stake in Exide Life Insurance Company from Exide Industries in a ₹6,687 crore deal. The deal includes issuance of 8,70,22,222 shares at an issue price of ₹685 per share and a cash payout of ₹726 crore. Post completion of the deal, Exide Industries, the parent of Exide Life, will hold 4.1% stake in HDFC Life. The boards of HDFC Life, Exide Industries and Exide Life Insurance, in their respective meetings held on Friday, approved the sale transaction.
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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.