Biznextindia : The board of directors of Exide Industries has approved a proposal to sale the company’s entire stake in its wholly owned subsidiary Exide Life Insurance Company Limited to HDFC Life Insurance Company Limited.
The total investment of the Company in Exide Life is INR 1679.59 crore. It is proposed to divest the entire equity shareholding held by the Company in Exide Life by way of sale to HDFC Life Insurance Company Limited for an aggregate consideration of INR 6,687 crore, which is proposed to be discharged by way of payment of INR 725.97 as cash consideration, and issuance of 8.70 crore equity shares of the Purchaser to the Company at a price of INR 685 per equity share. The stake sale is expected to complete by 30 June 2022.
Exide Life had reported a revenue of 4937.46 crore in the which is 32.2 percent of the consolidated revenue of the group.