HDFC Life Insurance Company Limited (BSE:540777) agreed to acquire Exide Life Insurance Company Limited from Exide Industries Limited (BSE:500086) for INR 73.3 billion on September 3, 2021. Under the terms of transaction, HDFC Life will pay INR 7.25 billion in cash and balance by way of issue 87.02 million shares. Upon completion of the transaction, Exide Life Insurance is proposed to be merged into HDFC Life Insurance. The process for merger of Target into HLIC will be initiated upon completion of the acquisition. For the year ended March 31, 2021, Exide Life Insurance reported revenue of INR 33.25 billion. The completion of the acquisition is subject to customary conditions such as receipt of all regulatory approvals including from the Insurance & Regulatory Development Authority of India, National Company Law Tribunal (NCLT), stock exchanges and the Competition Commission of India and approval by the shareholders of HDFC Life and Exide Industries. The Board of HDFC Life Insurance and Exide Industries approved the transaction. As of November 2, 2021, the transaction has been approved by the Competition Commission of India. As of December 31, 2021, e Insurance Regulatory and Development Authority of India approved the transaction. The acquisition is expected to be completed before June 30, 2022. The embedded value of Exide Life, as on 30th June, 2021, is INR 27.1 billion and has been reviewed by Willis Towers Watson Actuarial Advisory LLP. Ashwath Rau , Kashish Bhatia and Arvind Ramesh of AZB & Partners acted as the legal advisor to HDFC Life and Sridhar Gorthi, Ashwyn Misra and Deep Choudhuri of Trilegal acted as the legal advisor to Exide Life and Exide Industries. Deloitte Touche Tohmatsu India LLP and Rashmi Shah FCA (Registered Valuer) were appointed as valuers for the transaction by HDFC Life, and Desai Haribhakti & Co, Chartered Accountants and S. Sundararaman (Registered Valuer) were appointed as valuers by Exide Industries. JM Financial Limited and Ambit Private Limited provided fairness opinions to the Boards of HDFC Life and Exide Industries respectively. GM Kapadia & Co acted as accountant to Exide Industries.

HDFC Life Insurance Company Limited (BSE:540777) completed the acquisition of Exide Life Insurance Company Limited from Exide Industries Limited (BSE:500086) on January 1, 2022. As on September 16, 2022, National Company Law Tribunal, Mumbai bench has sanctioned the Scheme of Amalgamation between Exide Life Insurance Company Limited into HDFC Life Insurance Company Limited. On October 13, 2022, Insurance Regulatory and Development Authority of India has provided its final approval.