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ICICI Direct Report
HDFC Life Insurance Co. has proposed a merger with Exide Life Insurance Co.
Exide Life is currently owned by Exide Industries Ltd. (100% stake) and has an embedded value of Rs 2,711 crore and assets under management of Rs 18,780 crore as on June 2021.
The acquisition of Exide Life would be done through a cash payout of Rs 726 crore (mostly due to taxation impact, which Exide Industries has to pay) and a share consideration by allocating 8.7 crore shares at Rs 685 per share.
Merger with Exide Life will complement the overall HDFC Life business as Exide has good reach, customer base (over 11.9 lakh) and a strong foothold in southern India, especially in the tier-II and tier-III cities.
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