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| Exchange Disseminated Time | Exide Industries Ltd has informed BSE that the Company, currently owner of 50% of the equity capital of ING Vysya Life Insurance Company Limited (IVL), has in principle decided to acquire the remaining 50% of the equity capital of IVL (26% from ING Group, 16.32% from the Hemendra Kothari Group and 7.68% from the Enam Group) for an aggregate consideration of Rs. 550 crores approximately, subject to regulatory approvals.
Post such acquisition EIL has in principle decided to identify and induct a new international player in the life insurance genre to infuse fresh equity into IVL (subject to regulatory approvals) for IVL’s expansion plans. |
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