Advertisement
Saturday, May 28, 2022
Outlook.com
Outlook.com

CCI Gives Nod To HDFC Bank's 4.99 Per Cent Stake Purchase In HDFC ERGO General Insurance

Private lender HDFC Bank had stated in June that its board had given the approval to acquire more than 3.55 crore shares in the joint venture for Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).

CCI Gives Nod To HDFC Bank's 4.99 Per Cent Stake Purchase In HDFC ERGO General Insurance
CCI Gives Nod To HDFC Bank's 4.99 Per Cent Stake Purchase In HDFC ERGO General Insurance
outlookindia.com
2021-10-25T20:03:49+05:30

Competition Commission of India (CCI) approved private lender HDFC Bank's acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company.

HDFC ERGO General Insurance Company is a joint venture between HDFC and European insurer ERGO International AG. The venture provides general insurance products such as motor insurance, travel insurance, health insurance and personal accident insurance in the retail space. Other than that, they provide property, marine and liability insurance in the corporate space.  

Private lender HDFC Bank had stated in June that its board had given the approval to acquire more than 3.55 crore shares in the joint venture for Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).

HDFC is the promoter and related party of the bank.

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. 

(With inputs from PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement