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Last week, CCI had approved the proposed combination involving the acquisition by Housing Development Finance Corporation Ltd (HDFC) of certain additional shareholding of HDFC ERGO General Insurance Company Ltd (HDFC ERGO). ....
Indian markets cheered on Tuesday as Sensex zoomed over 63,400 and Nifty 50 ended above 18,800, with banking and financial stocks performing well after merger updates from HDFC. Midcap and smallcap stocks also gained traction, and India s volatility index decreased by over 5.4%. ....
HDFC has purchased an additional 0.7% stake in HDFC Life through open market transactions. The deal was executed at an average price of Rs 667. HDFC already owns around 48.65% stake in the subsidiary. Once HDFC twins merger is complete, HDFC Bank will be 100% owned by public shareholders, with HDFC holding only 41% stake in the bank. HDFC shareholders will receive 42 shares of HDFC Bank for every 25 shares they hold. ....
HDFC has clarified that the tentative dates for its merger with HDFC Bank, reported as 1 July 2023 for the effective date and 13 July 2023 for the record date, are subject to completion of certain formalities beyond its control. ....