HDFC Life reports 3% growth in net profit on Friday 273.65 crore for the third quarter ended December. that was 264.99 crore in the previous year period.
However, total income declined 14,222 crore in the latest December quarter from 21,126 crore in October-December 2020.
The solvency ratio of the company also declined to 190% from 202% as on December 31, 2020. The regulatory requirement is 150%.
HDFC Life shares were trading with a fall of 0.97 per cent 643.15 each on NSE.
“As on January 1, 2022, the Company has issued 8,70,22,222 equity shares at an agreed issue price of 685 per share on preferential basis and balance payment 725.98 crore in cash to Exide Industries Ltd. in lieu of 100% equity shares of Exide Life, thereby completing the acquisition of Exide Life.
Exide Life has become a wholly owned subsidiary of the company with effect from January 1, 2022.
With regard to the second leg of the transaction, i.e. amalgamation of Exide Life with the company, the management is in the process of filing the plan of amalgamation with various authorities for necessary approvals, it added.
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