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Sale of insurance business sparks a re-rating in Exide’s stock

The sale will help fund the huge capital requirement for investing in lithium-ion cell manufacturing 

September 06, 2021 / 08:55 AM IST
Sale of insurance business sparks a re-rating in Exide’s stock

Exide Industries Ltd’s divestment of its life insurance business has gone down well with investors. News of sale to HDFC Life Ltd at Rs6,687 crore in a cash plus equity deal set the stock rallying by 12 per cent in just two trading sessions. What gives? The deal, struck at robust valuations, higher than what analysts factored in for the business, is opportune and well-timed for Exide stakeholders. HDFC Life’s acquisition of 100 per cent stake in Exide Life involves a payment...

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