HDFC Life allots over 8.70cr shares to Exide on preferential basis

3 Jan 2022 , 09:55 AM

HDFC Life Insurance Company Limited has allotted over 8.70cr equity shares of the company to Exide Industries Ltd. on a preferential basis, and the company has completed the acquisition of 100% shareholding of Exide Life Insurance Company Limited from Exide.

Exide Life became a wholly-owned subsidiary of the company from January 1, 2022.

“The Capital Raising Committee of the Board has vide its resolution dated January 1, 2022, allotted 8,70,22,222 equity shares of the company to Exide on preferential basis, and the company has completed acquisition of 100% shareholding of Exide Life from Exide.” 

Accordingly, Exide Life became a wholly-owned subsidiary of the Company with immediate effect i.e. from January 1, 2022,” the company said in a filing on Saturday.

At around 9.58 am, HDFC Life Insurance Company Ltd was trading at Rs647.95 per piece down by Rs0.85 or 0.13% from its previous closing of Rs648.80 per piece on the BSE.