Exide Industries: Exit from non-core business lays a sunny pitch
Exiting the non-core insurance business and overall demand outlook in both automotive and industrial segments remain strong, post the second wave of COVID, Exide is likely to get re-rated
September 07, 2021 / 03:02 PM IST
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Exide Industries (CMP: Rs 188.5; M Cap: Rs 16,090 crore), one of the leading battery manufacturers, has exited its insurance business for a consideration of Rs 6,687 crore to HDFC Life Insurance.
HDFC Life will pay Rs 726 crore in cash and would issue 87 million shares to Exide as the remaining amount, at Rs 685 per share, which would give Exide a 4 per cent ownership in HDFC Life.
Exide had acquired the insurance business for Rs 1,679.59 crore from...