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HDFC Life on Friday reported a 3% increase in net profit to 273.65 crore for the third quarter ended December. The same was 264.99 crore in the last year period.

However, total income declined to 14,222 crore in the latest December quarter from 21,126 crore in October-December 2020.

The company's solvency ratio too declined to 190% from 202% as on December 31, 2020. The regulatory requirement is 150%.

HDFC Life shares were trading 0.97% lower at 643.15 apiece on NSE.

"On January 1, 2022, the company has issued 8,70,22,222 equity shares at an agreed issue price of 685 per share on a preferential basis and paid balance 725.98 crore in cash to Exide Industries Limited in lieu of 100 per cent equity shares of Exide Life thereby completing the acquisition of Exide Life," it said.

With effect from January 1, 2022, Exide Life has become a wholly-owned subsidiary of the company.

As regards the second phase of the transaction, that is the amalgamation of Exide Life with the company, the management is in the process of initiating the filing of the scheme of amalgamation with various authorities for necessary approvals, it added.

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