On Friday, HDFC Life Insurance announced that the board of the company has approved to acquire 100% of the shares of Exide Life Insurance Company Limited. The company will be acquiring Exide life for Rs. 6,687 crores.

In Friday’s opening deals on the BSE, the shares of HDFC Life were trading around 1% lower to Rs. 745 per share and that of Exide Industries surged 10%.

The Chairman of HDFC Life commented on the transaction and said, “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.”