India’s largest private insurer HDFC Life Insurance acquired Exide Life Insurance Co. in a deal value of 66.87 billion rupees ($915 million).
Trilegal advised Exide Industries and Exide Life on the sale of 100% stake of Exide Industries in Exide Life to HDFC Life Insurance Company.
This is the biggest insurance deal in the country. The purchase consideration is proposed to be discharged by HDFC Life by payment of approximately INR 726 crores to Exide Industries and by issuing approximately 8.70 crore shares of HDFC Life to Exide Industries.
The Trilegal team was led by Sridhar Gorthi and Ashwyn Misra, Partners – Corporate Practice Group, Trilegal. They were assisted by Deep Choudhuri, Counsel; Arunima Singal, Rucha Kolte, Ariba Fahiem, Mayank Jain, Rhea Sampat, Associates. Our Corporate Governance & Compliance team also worked on the deal and was led by Rajesh Modani, Principal Consultant; Ashima Chhatwal, Senior Consultant; and Ansif Latheef, Consultant.
AZB & Partners were the legal advisors to HDFC Life and GM Kapadia & Co were the tax advisors to Exide Industries.
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