HDFC Life Insurance Company trades higher on completing acquisition of Exide Life Insurance Company
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
HDFC Life Insurance Company is currently trading at Rs. 649.95, up by 1.15 points or 0.18% from its previous closing of Rs. 648.80 on the BSE.
The scrip opened at Rs. 652.75 and has touched a high and low of Rs. 659.20 and Rs. 646.40 respectively. So far 16959 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 775.65 on 02-Sep-2021 and a 52 week low of Rs. 627.00 on 20-Dec-2021.
Last one week high and low of the scrip stood at Rs. 659.20 and Rs. 630.10 respectively. The current market cap of the company is Rs. 131054.60 crore.
The promoters holding in the company stood at 53.81%, while Institutions and Non-Institutions held 36.79% and 9.40% respectively.
HDFC Life Insurance Company has completed the acquisition of Exide Life Insurance Company (Exide Life). With this, Exide Life will operate as a wholly owned subsidiary of HDFC Life. Pursuant to the agreement, there was a cash pay-out of Rs 726 crore and 8,70,22,222 equity shares at an issue price of Rs 685 per share were allotted to Exide Industries. Exide Industries now holds 4.1% stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly.
Exide Life’s agency based distribution model, strong presence in South India and experience across tier 2 and tier 3 locations complements HDFC Life and will help expand its market and bolster its proprietary distribution.
HDFC Life Insurance Company is one of the leading life insurance companies in India offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings & Investment and Health, along with Children's and Women's Plan.
