BENGALURU: HDFC Life Insurance Co Ltd said on Friday it will buy the life insurance unit of battery maker Exide Industries Ltd for 66.87 billion rupees ($915.50 million), as it seeks to increase its customer base.
As part of the deal, HDFC Life will issue 87 million shares to Exide Industries at 685 rupees per share and a cash payout of 7.26 billion rupees, HDFC Life said in a regulatory filing.
Exide Life will be merged into HDFC Life after the acquisition is completed.
Exide Industries has till date made a total investment of 16.8 billion rupees in Exide life.
"It (the deal) would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base," HDFC Life Chairman Deepak Parekh said.
