In June, HDFC Bank had said its board has given the approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).
HDFC is the promoter and related party of the bank.
“Commission approves acquisition of 4.99% of the outstanding equity share capital of HDFC ERGO General Insurance Company by HDFC Bank,” as per a tweet by CCI.
The proposed combination will enable the lender to participate in the growth opportunity of HDFC ERGO General Insurance and create long-term value for its shareholders, as per a combination notice filed with the regulator.
Source: Zee Business
