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In one of the biggest deals in the insurance space, private sector life insurer HDFC Life on Friday announced it was acquiring a 100 per cent stake in Exide Industries-promoted Exide Life Insurance for Rs 6,687 crore, in a bid to enhance its proprietary channel. The acquisition will add about 40 per cent to HDFC Life’s agency business and 30 per cent to its agent base.
Of the Rs 6,887 crore, Rs 725 crore will be in cash and the balance by issuing 87.02 million equity shares of the company at Rs 685 per share to Exide Industries. The acquisition
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