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Competition Commission of India (CCI) approved HDFC Life Insurance's acquisition of Exide Life Insurance on Monday. The regulator informed that post the completion of the share acquisition, Exide Life would operate as a wholly-owned subsidiary of HDFC Life.
HDFC Life aspires to strengthen its presence in Southern India, especially in tier-2 and tier-3 cities, with this acquisition.
The terms of the acquisition announced on September 3 stated that HDFC Life would acquire a 100 per cent stake in Exide Life Insurance from Exide Industries by issuing 8.70 crore shares at an issue price of Rs 685/share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore.
HDFC Life Insurance offers a range of individual and group life insurance solutions including participating, non-participating and unit-linked insurance products. Its product portfolio comprises of various life insurance and investment products such as protection, pension, savings, investment, and annuity. HDFC Life has two wholly-owned subsidiaries, namely, HDFC Pension Management Company Limited and HDFC International Life and Re Company Limited.
Exide Life Insurance offers various individual and group life insurance products including protection plans (term insurance, child insurance plans), savings and investment plans (including ULIPs), retirement and pension plans. It does not have any subsidiaries.
