HDFC Life - Exide Life Deal To Ramp Up Distribution, Product Mix; Boost Margin: KRChoksey
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KRChoksey Research Report
HDFC Life Insurance Co. to acquire 100% stake in Exide Life Insurance Co. from Exide Industries Ltd. 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.
Issuance of 8,70,22,222 equity shares of face value of Rs 10 each of the company, on a preferential allotment basis at a price of Rs 685 per equity share (including a premium of Rs 675 per equity share) to Exide Industries as part consideration for acquisition of 100% of the shareholding of Exide Life ('proposed issue').
The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition.
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