The Insurance Regulatory and Development Authority of India (Irdai), vide its letter dated October 13, 2022, has given its last approval to the scheme of amalgamation and switch of life insurance business, HDFC Life stated in a regulatory submitting on Thursday.
With the switch of its life insurance business to HDFC Life, Exide Industries acquired 4.12 per cent stake in HDFC Life.
Exide Life labored by way of an agency-based distribution mannequin with a robust presence in south India protecting tier II and III cities. This got here as a complement for HDFC Life to broaden its market and bolster proprietary distribution.
Last month, the insurer had acquired approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for merger of Exide Life into itself.
Stock of HDFC Life closed at Rs 520.65 apiece on BSE, down by 1.05 per cent from earlier shut.
