Competition Commission Okays HDFC Bank's Stake Buy In HDFC ERGO

Competition Commission of India has cleared HDFC Bank's share purchase in HDFC ERGO

Competition Commission of India (CCI) has cleared HDFC Bank's acquisition of 4.99 per cent stake in HDFC ERGO General Insurance Company.

Earlier this yr in June HDFC Bank had knowledgeable that its board had authorised shopping for of greater than 3.5 crore shares within the group's entity HDFC ERGO General Insurance Company for over Rs 1,906 crore from the mum or dad firm Housing Development Finance Corporation or HDFC.

"Commission approves acquisition of 4.99 p.c of the excellent fairness share capital of HDFC ERGO General Insurance Company by HDFC Bank,” the competitors regulator stated in a tweet.

The acquisition will enable HDFC Bank to participate within the progress alternative of HDFC ERGO General Insurance and create long run worth for its shareholders, the corporate stated in a discover filed with CCI.