HDFC Life-Exide Life merger gets final approval by IRDAI
With the transfer of its life insurance business to HDFC Life, Exide Industries acquired 4.12 per cent stake in HDFC Life.
Insurance sector regulator Irdai has granted final approval to HDFC Life Insurance Company Ltd (HDFC Life) to merge Exide Life into the company.
In January this year, HDFC Life acquired 100 per cent stake in Exide Life Insurance Company from its parent firm Exide Industries for Rs 6,687 crore in order to increase its presence in the south India market.
The Insurance Regulatory and Development Authority of India (Irdai), vide its letter dated October 13, 2022, has given its final approval to the scheme of amalgamation and transfer of life insurance business, HDFC Life said in a regulatory filing on Thursday.
With the transfer of its life insurance business to HDFC Life, Exide Industries acquired 4.12 per cent stake in HDFC Life.
Exide Life worked through an agency-based distribution model with a strong presence in south India covering tier II and III cities. This came as a complement for HDFC Life to expand its market and bolster proprietary distribution.
Last month, the insurer had received approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for merger of Exide Life into itself.
Stock of HDFC Life closed at Rs 520.65 apiece on BSE, down by 1.05 per cent from previous close.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
01:15 PM IST