The Insurance Regulatory and Development Authority of India (IRDAI) on Friday, November 25, approved the merger of Exide Life with insurance company HDFC Life, following the announcement of the deal in September 2021.

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HDFC Life announced earlier this year that it had acquired a 100 percent ownership in Exide Life from its parent Exide Industries after issuing over 8.7 crore shares at an issue price of Rs 685 and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore.

The National Company Law Tribunal (NCLT) subsequently granted the merger its clearance last month. In a regulatory statement, HDFC Life Insurance stated that the Mumbai bench of NCLT has approved the amalgamation plan.

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The regulatory board met today to discuss expenses of management (EoM) limit and re-insurance norms.

Additionally, the IRDAI has permitted banks to tie up with nine life, general, and standalone health insurance companies instead of the present limit of three.