- Three Exide Industries loses Rs 6,887 crore to Rs 203 intra-day high
Full stake in Exide Life Insurance from HDFC Life Insurance. The purchase has been announced for Rs 6887 crore. This is by far the largest deal in the country’s insurance sector. Share of HDFC Life in effect The stock finally fell 3.2 per cent to close at 734 after hitting a low of in trading yesterday. But with Exide Industries cashing in at Rs 6,887 crore, the price has risen nine-fold to an intra-day high of 203 and closed at 190, up 6.3 per cent. By Exide Ind in Exide Life The investment made is about Rs 1680 crore. Out of the Rs 6,887 crore deal, Rs 725 crore will be paid in cash. Instead of the rest, 870 lakh shares of HDFC Life will be issued to Exide at Rs 685 per share.
In total, Exide’s holding will be 4.1 per cent in HDFC Lafayette. In the life insurance sector, ICICI-Pru Life rose 3.5 per cent to close at 697 yesterday, before reaching a new high of 708. SBI Life fell marginally to 1239 and Max Life fell another 2 per cent to close at 1067. New India Assurance in the non-life segment General Insurance Corporation rose 1.4 per cent to Rs 160, 1.5 per cent rose to Rs 152 and ICICI-Lombard closed marginally higher at Rs 1,630. Meanwhile, Pilani’s investment, which had closed at Rs 1,617 in the previous day’s fall of 11.5 per cent, closed at Rs 1,839, up 14 per cent yesterday. Bajaj Holdings was 1.5 per cent and Kama Holdings was 2 percent plus.