The shares of HDFC Life rose 2.4 percent on Friday after the company received approval from Insurance Regulatory and Development Authority of India (IRDAI) for merger with Exide Life Insurance Company Ltd. The stock of the life insurance company was trading 0.9 percent higher at Rs 525.4 on BSE at 2:25 pm.
"The Insurance Regulatory and Development Authority of India vide its letter dated October 13, 2022, has provided its final approval to the Scheme in accordance with Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013," the company said in an exchange filing.
In September, the Mumbai Bench of the National Company Law Tribunal (NCLT) approved the scheme of amalgamation. The appointed date of the scheme is April 1, 2022 and the scheme shall be effective from end of day on October 14, 2022.
Last year, HDFC Life announced the acquisition of 100 percent stake in Exide Life from its parent Exide Industries after issuing over 8.7 crore shares at an issue price of Rs 685 and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore.
First Published: Oct 14, 2022 3:55 PM IST
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