New Delhi: The Competition Commission of India (CCI) on Tuesday approved acquisition of additional shareholding of HDFC Life Insurance Company Limited by Housing Development Finance Corporation Limited.
“The proposed combination pertains to the acquisition by HDFC Limited of certain additional shareholding of HDFC ERGO on a spot delivery basis (the Proposed Transaction) such that HDFC Limited (after the Proposed Transaction) and the surviving amalgamated entity i.e. HDFC Bank Limited (HDFC Bank) (after the effective date of the proposed amalgamation of, inter alia, HDFC Limited into HDFC Bank) will hold over 50% of the shareholding of HDFC ERGO in compliance with Indian banking laws,” the Competition Commission of India said in a statement.
HDFC Limited is a public limited company incorporated under the Companies Act, 1956 and its shares are listed on the National Stock Exchange of India Limited and BSE Limited. It is a housing finance company registered with the National Housing Bank and the Reserve Bank of India and is primarily engaged in the business of providing finance to individuals, corporates and developers for the purchase, construction, development and repair of houses, apartments and commercial properties in India.
HDFC ERGO is registered with the Insurance Regulatory and Development Authority of India for providing general insurance (i.e. non-life insurance) products in India. It offers a complete range of general insurance products including motor, health, travel, home and cyber insurance in the retail space and customized products like property, rural, marine, trade credit, liability and other specialised insurance in the corporate space.
Download The Mint News App to get Daily Market Updates & Live Business News.
More
Less
Updated: 20 Jun 2023, 08:42 PM IST
link
More Stories
IPO market in a slump! After a strong FY24, only 3 mainboard IPOs list in April, 2 trade above issue price
Housing & Urban Development Corporation | 1-year price return: 392%| CMP:Rs 314 – Multibaggers: FIIs consistently hiked their stakes in these 13 stocks in last 4 quarters
Cifdaq plans to launch centralised exchange in August – Banking & Finance News