NCLT nod to Exide Life HDFC Life merger | The Financial Express

NCLT nod to Exide Life HDFC Life merger

The NCLT has sanctioned the Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013, it said. The merger is subject to final approval from the Insurance Regulatory and Development Authority of India.

NCLT nod to Exide Life HDFC Life merger
HDFC Life Insurance had last year announced 100% acquisition of Exide Life and the subsequent merger.

The National Company Law Tribunal (NCLT) on Friday approved the merger of Exide Life Insurance with HDFC Life Insurance, a stock exchange filing by HDFC Life said.

The NCLT has sanctioned the Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013, it said. The merger is subject to final approval from the Insurance Regulatory and Development Authority of India.

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HDFC Life Insurance had last year announced 100% acquisition of Exide Life and the subsequent merger. It completed the acquisition from Exide Industries in January through issuance of 8.70 crore shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. Exide Industries now holds 4.1% stake in HDFC Life.

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