Exide Industries Ltd., currently owner of 50 percent of the equity capital of ING Vysya Life Insurance Co. Ltd. (IVL), has in principle decided to acquire the balance 50 percent of the equity capital of IVL (26 percent from ING Group, 16.32 percent from the Hemendra Kothari Group and 7.68 percent from the Enam Group) for an aggregate consideration of around Rs.550 crore, subject to regulatory approvals.
Post such acquisition, the company 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.
At the BSE, Exide Industries closed Wednesday's trading at Rs.124.90, down 1.03 percent from the previous close.
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