Business
HDFC Life to acquire Exide Life for Rs 6,687 Cr

HDFC Life Insurance Company Limited (HDFC Life) on Friday announced the acquisition of Exide Life Insurance Company Ltd (Exide Life) from Exide Industries Ltd for Rs 6,687 crore.
The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition. The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals.
The Boards of three companies approved the transaction on Friday morning.
The total cost will be met by HDFC Life by issuing 8,70,22,222 shares on preferential basis at a price of Rs 685 per share to Exide Industries and a cash of about Rs 726 crore totaling Rs 6,687 crore.
According to Exide Industries, it has invested a total of Rs 1,679.59 crore in Exide Life.
The embedded value of Exide Life, as on 30th June 2021, is Rs 2,711 crore and has been reviewed by Willis Towers Watson Actuarial Advisory LLP.
The embedded value of HDFC Life was Rs 27,331 crore.
The acquisition is expected to be completed before June 30, 2022.
Post merger of Exide Life with HDFC Life, the shareholding pattern of the latter will be – HDFC Ltd 47.9 per cent, Exide Industries 4.1 per cent and Others 48 per cent.
As to the rationale for acquisition, HDFC Life said, the proposed transaction will accelerate the growth of its agency business.
The Rs 4,937.46 revenue Exide Life with a networth of Rs 1,481.42 crore complements HDFC Life’s geographical presence and has a strong foothold in South India, especially in Tier 2 and 3 towns, thus providing access to a wider market.
Further, Exide Life’s predominantly traditional and protection focussed business, will augment the existing embedded value of HDFC Life by approximately 10 per cent.
Exide Life has 36,710 agents as on June 30, 2021.
Meanwhile, the share prices of HDFC Life came down after opening at Rs 742 on Friday after the deal was announced. The previous day closing price of the scrip was Rs 758.
On the other hand, the shares of Exide Industries flared up to Rs 192 after closing at Rs 178.25 on Thursday.
“This is a landmark transaction, first of its kind, in the Indian life insurance space. It would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base,” Deepak S. Parekh, Chairman, HDFC Life said.
“We believe that this amalgamation can result in value creation for customers, employees, shareholders and distribution partners. It gives us an opportunity to realise synergies arising out of complementary business models, and further bolster our proprietary distribution network,” Vibha Padalkar, Managing Director & CEO, HDFC Life said.
Rajan B. Raheja, Vice Chairman, Exide Industries and Chairman, Exide Life said, “The focus of Exide Industries has always been to enhance the value for its stakeholders. The proposed transaction is another step taken by Exide to meet above stated objective.”
National
Maharashtra govt signs MoU with CEGIS to boost social governance

Mumbai, June 23: A five-year MoU was signed on Monday between the Maharashtra government, Chief Minister’s Office (CMO) and CEGIS (Centre for Effective Governance of Indian States) to enhance data-driven governance and policy delivery across the state.
This was done at the meeting chaired by Chief Minister Devendra Fadnavis on strengthening the ‘CMO Social Sector War Room’. During the signing ceremony, CEGIS Chief Executive Officer Dr. Vijay Pingle and other senior officials were present.
“This partnership will enable stronger governance systems, Data-driven decision-making, technical and policy support state government and more effective decisions & implementation across departments,” said the chief Ministers office in its post on X.
“The MOU will provide technical, analytical, and strategic support to effectively implement schemes, initiatives, and measures in the social sector. A ‘Decision Support System’ (DSS) will be developed for the Chief Minister’s Office, which will promote data-driven decision-making processes. The system will be integrated with the War Room mechanism, enabling the measurement of scheme progress based on national and international benchmarks. These systems will be utilized to reduce discrepancies in information and enhance the quality of citizen feedback through efficient monitoring,” said the chief Ministers office.
CM Fadnavis stated that a tracking system for the implementation of social schemes will prove extremely beneficial. “The MoU will enhance strategic capacity and make transparency and accountability in service delivery more effective,” he added.
International
Iran strikes Israel with fresh missile attack hours after Trump’s ceasefire claim

Tel Aviv, June 24: Hours after US President Donald Trump declared a ceasefire had been achieved, Israel sounded missile sirens and urged citizens to take shelter following new strikes launched from Iran.
The Israel Defense Forces (IDF) confirmed incoming missile threats, stating that defensive units were actively working to intercept them.
Emergency services reported that a ballistic missile had hit a building in Beersheba.
While no immediate injuries were recorded, Magen David Adom confirmed that teams had been deployed to the scene to assess the impact.
The missile barrage came shortly after Iran’s announcement that it had halted all military operations against Israel as of 4 a.m. local time.
However, Iranian authorities also clarified that their ceasefire was conditional — dependent on Israel ceasing its own military actions.
This apparent contradiction followed Trump’s assertion on his social media platform, Truth Social, that a ceasefire had been reached.
He made the claim after Iran fired missiles at US military bases in Qatar. Trump posted that both Israel and Iran had agreed to halt hostilities.
However, Tehran swiftly denied receiving any formal ceasefire agreement or proposal from the United States. Iran’s Foreign Minister reiterated that Israel had initiated the war and added that Tehran had paused its military operations from 4 a.m. local time, contingent on reciprocal de-escalation from Tel Aviv. Israel has not issued any official response to Trump’s ceasefire announcement.
The conflict between Iran and Israel, now in its 12th day, began after Israel launched “Operation Rising Lion,” targeting Iranian military and nuclear infrastructure.
Since then, the region has seen continuous missile exchanges between the two nations. Iran has reportedly suffered approximately 400 casualties, while Israel has recorded around 24 deaths.
The situation intensified further when the US entered the conflict, launching precision strikes on three major Iranian nuclear facilities –Fordow, Natanz, and Esfahan — prompting heightened alerts across the Middle East.
International
Three killed, several wounded as Iranian missile hits apartment complex in Israel

Tel Aviv, June 24: Three people were killed and several others injured after an Iranian ballistic missile struck an apartment complex in Beersheba, as Iran launched eight missiles targeting central and southern Israel on Tuesday.
The building in Beersheba was reduced to rubble following the direct impact.
Additionally, emergency responders from Magen David Adom confirmed three fatalities.
Several others wounded in the blast were transported to nearby hospitals and care centres for treatment, though no official tally of the injured has been released.
Shortly after the strike, additional missile sirens sounded across central Israel and parts of the south, the Israel Defense Forces (IDF) said, indicating yet another wave of incoming projectiles.
The latest round of strikes came shortly after Iran declared a unilateral halt to military operations against Israel, effective 4 a.m. local time.
However, Iranian authorities stressed that this ceasefire was conditional — hinging entirely on Israel halting its own offensive actions.
The contradiction became evident when Trump claimed that both sides had agreed to a ceasefire, a claim Tehran quickly denied.
However, Iran’s Foreign Ministry swiftly denied receiving any formal ceasefire proposal from Washington. Tehran reiterated that it had temporarily paused its military operations, contingent upon Israel ceasing its own strikes.
As of now, Israel has not officially responded to Trump’s ceasefire declaration.
The ongoing war, now in its 12th day, erupted after Israel launched “Operation Rising Lion,” targeting Iranian military and nuclear assets. In retaliation, Iran has fired multiple waves of ballistic missiles at Israeli territory.
According to estimates, nearly 400 people have been killed in Iran and around 24 in Israel.
The conflict widened significantly when the United States entered the fray with direct military strikes on Iran’s key nuclear facilities in Fordow, Natanz, and Esfahan.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra9 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra8 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra9 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
Crime8 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
National News9 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra7 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News9 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface