Exide Inds shares zoom 15% on HDFC Life-Exide Life Insurance acquisition buzz

Shares of Exide Industries on Friday jumped 15 per cent after HDFC Life Insurance said it will acquire Exide Life Insurance from the company in a deal worth Rs 6,687 crore.

The stock zoomed 13.85 per cent to Rs 202.95 on BSE.

On NSE, it jumped 14.98 per cent to Rs 204.90.

HDFC Life Insurance shares, however, dropped 3.98 per cent to Rs 728.55 on BSE.

HDFC Life Insurance Friday said it will acquire Exide Life Insurance from Exide Industries in a deal worth Rs 6,687 crore.

Read | HDFC Life to buy Exide's insurance business for Rs 6,687 cr

The board of directors of HDFC Life Insurance Company, Exide Industries Ltd and Exide Life Insurance Company... approved the transaction involving the sale of Exide Life Insurance to HDFC Life, HDFC Life said in a release.

HDFC Life will acquire 100 per cent stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore aggregating to Rs 6,687 crore, it said.

The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition, the insurer said.