HDFC Life and Exide Life Merger Soon

HDFC Life Insurance had allotted shares over 8.7 crore of the company to Exide Industries. The Capital Raising Committee of the board had vide its resolution dated January 1, 2022, allotted 8,70,22,222 equity shares of the company to Exide Industries on a preferential basis, and the company has completed the acquisition of 100% shareholding of Exide Life. Accordingly, Exide Life became a wholly-owned subsidiary of the company from January 1, 2022. The equity shares were issued at the price of Rs 685 per scrip and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore was made. Now, Exide Industries holds a stake of 4.1% in HDFC Life. Vibha Padalkar, MD and CEO, HDFC Life, said on this occasion that they are extremely happy to welcome the Exide Life family into ours. This acquisition is the reflection of our intention to build a stronger India by providing a financial safety net to more people”.

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