Mumbai, Sep 3 (PTI) HDFC Life Insurance Friday said it will acquire Exide Life Insurance from Exide Industries in a deal worth Rs 6,687 crore.

“The board of directors of HDFC Life Insurance Company (HDFC Life), Exide Industries Ltd (Exide Industries) and Exide Life Insurance Company Ltd (Exide Life)... approved the transaction involving the sale of Exide Life Insurance to HDFC Life,” HDFC Life said in a release.

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HDFC Life will acquire 100 per cent 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, it said.

The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition, the insurer said.

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The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals, the release said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)