HDFC Life’s Approval To Buy 100% Stake In Exide Life Insurance

HDFC Life’s approval to buy a 100% stake in Exide Life Insurance.

HDFC Life Insurance Company Limited (HDFC Life) on Saturday announced the completion of the acquisition of Exide Life Insurance Company Limited after obtaining all relevant regulatory approvals.

Effective Saturday, Exide Life will operate as a wholly-owned subsidiary of HDFC Life.

As per the agreement, a cash payment of Rs 726 crore was made and 8,70,22,222 equity shares were allotted to Exide Industries Limited (Exide Industries) at an issue price of Rs 685 per share.

Exide Industries now holds a 4.1 percent stake in HDFC Life. The process of merger of Exide Life with HDFC Life will be initiated soon.

Exide Life’s agency-based distribution model, a strong presence in South India, and experience in Tier 2 and Tier 3 locations complement HDFC Life and will help expand its market and strengthen its proprietary distribution.

Vibha Padalkar, MD & CEO, of HDFC Life, said, “We are extremely pleased to welcome the Exide Life family to us. HDFC Life is committed to protecting life and is making every effort to bridge the life insurance gap.

HDFC Life’s approval to buy a 100% stake: We believe that the life insurance market in India is multi-faceted, where one solution may not suit everyone.

The diverse distribution channels and diverse product mix help it cater to diverse customer groups across the diverse Indian geographies, and this acquisition marks a significant milestone.

Our strategy is to bring more people under the ambit of financial security.

SBI Mutual Fund launched a new mutual fund.

SBI Mutual Fund on Monday announced the launch of SBI CPSE Bond Plus SDL September 2026 50:50 Index Fund.

An open-ended target maturity index fund investing in the components of Nifty CPSE Bond Plus SDL September 2026 50:50 Index.

This new fund offer will open from January 3, 2022, to January 17, 2022.

The investment objective of the scheme is to provide returns that closely match with the total returns of the securities represented by the underlying index, subject to tracking errors.