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CCI approves HDFC Bank's acquisition of 4.99% stake in HDFC ERGO General Insurance Co

In June, HDFC Bank had said its board has given 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).

October 25, 2021 / 07:39 PM IST

Fair trade regulator Competition Commission of India (CCI) on Monday approved HDFC Bank’s acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company.

In June, HDFC Bank had said its board has given 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 percent 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.
PTI

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