Housing Development Fin. Corp. Ltd. Acquisition of stake HDFC ERGO General Ins Co Ltd (5421E)
30 June 2023 - 6:30PM
UK Regulatory
TIDM60CX
RNS Number : 5421E
Housing Development Fin. Corp. Ltd.
30 June 2023
Ref. No.: SE/2023-24/130
June 30, 2023
BSE Limited National Stock Exchange of India Limited
P J Towers, Exchange Plaza,
Dalal Street, Bandra-Kurla Complex,
Mumbai - 400001. Bandra (E), Mumbai - 400051.
Kind Attn: Sr. General Manager Kind Attn: Head - Listing
DCS - Listing Department
Dear Sir / Madam,
Sub: Disclosure under Regulation 30 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("SEBI Listing
Regulations") - acquisition of stake in HDFC ERGO General Insurance
Company Limited ("HDFC ERGO")
Ref: Composite scheme of amalgamation ("Scheme") for the
amalgamation of: (i) HDFC Investments Limited and HDFC Holdings
Limited, wholly-owned subsidiaries of Housing Development Finance
Corporation Limited ("Corporation") with and into the Corporation;
and (ii) the Corporation with and into HDFC Bank Limited ("HDFC
Bank") ("Proposed Amalgamation")
This is in connection with our letter dated April 4, 2022
informing about the decision taken by the Board of Directors of the
Corporation approving the Scheme under Sections 230 to 232 of the
Companies Act, 2013, and rules and regulations thereunder, subject
to receipt of various statutory and regulatory approvals.
We also refer to our earlier letter dated April 21, 2023,
wherein we had informed that HDFC Bank had made certain requests to
the Reserve Bank of India ("RBI") and that the RBI vide its letter
dated April 20, 2023, had provided certain forbearance/
clarifications to HDFC Bank. Under the said letter, RBI had inter
alia permitted the transfer, in terms of the Scheme, of
shareholding of the Corporation HDFC ERGO, to HDFC Bank and advised
that the Corporation or HDFC Bank should increase the shareholding
in HDFC ERGO to more than 50% prior to the effective date of the
Scheme.
We refer to our intimations dated June 20, 2023 and June 23,
2023 whereby we had informed that the Competition Commission of
India and Insurance Regulatory and Development Authority of India,
had respectively granted approval for the Corporation to acquire
shares in HDFC ERGO so as to hold more than 50% of the total
paid-up share capital of HDFC ERGO.
In this regard, we wish to inform you that the Corporation has
today acquired 36,42,290 equity shares of HDFC ERGO representing
0.5097% of its total issued and paid-up share capital from ERGO
International AG, the other promoter of HDFC ERGO. Post the said
acquisition, the Corporation holds 50.50% of the total paid-up
share capital of HDFC ERGO. Accordingly, HDFC ERGO has become a
subsidiary of the Corporation.
You are requested to take note of the above and arrange to bring
this to the notice of all concerned.
Thank you,
Yours faithfully,
For Housing Development Finance Corporation Limited
Ajay Agarwal
Company Secretary
cc: London Stock Exchange,
10, Paternoster Square, London, EC4M 7LS
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END
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