Exide Inds shares close over 6 pc higher on HDFC Life-Exide Life Insurance deal

Shares of Exide Industries on Friday jumped over 6 per cent after HDFC Life Insurance said it will acquire Exide Life Insurance from the company in a deal worth Rs 6,687 crore.The stock closed at Rs 189.55, a gain of 6.34 per cent on the BSE.

Shares of Exide Industries on Friday jumped over 6 per cent after HDFC Life Insurance said it will acquire Exide Life Insurance from the company in a deal worth Rs 6,687 crore.

The stock closed at Rs 189.55, a gain of 6.34 per cent on the BSE. During the day, it zoomed 13.85 per cent to Rs 202.95.

On the NSE, it rose by 5.78 per cent to close at Rs 188.50 after jumping 14.98 per cent to Rs 204.90 during the day.

HDFC Life Insurance shares, however, dropped 3.21 per cent to close at Rs 734.45 on the BSE. During the day, it tumbled 3.98 per cent to Rs 728.55.

HDFC Life Insurance Friday said it will acquire Exide Life Insurance from Exide Industries in a deal worth Rs 6,687 crore.

The board of directors of HDFC Life Insurance Company, Exide Industries Ltd, and Exide Life Insurance Company... approved the transaction involving the sale of Exide Life Insurance to HDFC Life, HDFC Life said in a release.

HDFC Life will acquire a 100 per cent stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore aggregating to Rs 6,687 crore, it said.

The process for the merger of Exide Life into HDFC Life will be initiated on completion of the acquisition, the insurer said.