HDFC Life Insurance Company Ltd.

HDFC Life Insurance has received an approval to acquire 100 percent stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore aggregating to Rs 6,687 crore. The board of directors of HDFC Life Insurance Company (HDFC Life), Exide Industries and Exide Life Insurance Company (Exide Life) has approved the transaction involving the sale of Exide Life Insurance to HDFC Life.

The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition. The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals.

HDFC Life Insurance Company is one of the leading life insurance companies in India offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children's and Women's Plan.