Acquisition of stake HDFC ERGO General Ins Co Ltd

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

 

END