Date:01/11/2005 URL: http://www.thehindubusinessline.com/2005/11/01/stories/2005110102120600.htm

Back Exide promoter Raheja to head ING Vysya Life — Completes 50 pc stake buy

Our Bureau

Kolkata , Oct 31

EXIDE Industries has completed the acquisition of 50 per cent stake in ING Vysya Life. The company has also carried out a recast of the ING Vysya Life board by inducting four directors. All four nominees are members of the Exide board.

According to a company release, Mr Rajan B. Raheja, the promoter of Exide, will be the new Chairman of ING Vysya Life. Mr Raheja is also Vice-Chairman of Exide Industries.

The Exide Chairman, Mr S.B. Ganguly, has been inducted as a Director in ING Vysya Life. Two other Exide board members, Mr Satish Raheja and Mr Rajesh Kapadia, have become members of the newly constituted board.

The other members of the board are Mr Frank Koster, the Managing Director and CEO of ING Vysya Life, Mr Anil Singhvi, Mr Peter Smith, and Mr N.N. Joshi.

Exide has invested Rs 231.6 crore to pick up 50 per cent stake in ING Vysya Life. It has also decided to invest Rs 17.5 crore in the company's warrants, which would be converted into equity shares of ING Vysya Life of face value of Rs 10 each aggregating Rs 175 crore over the next 3-4 years.

This will meet the capital requirement of ING Vysya Life while maintaining the Exide stake at 50 per cent.