Latest News | CCI Approves HDFC Bank's Acquisition of 4.99 Pc Stake in HDFC ERGO General Insurance Co

New Delhi, Oct 25 (PTI) Fair trade regulator 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).

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HDFC is the promoter and related party of the bank.

"Commission approves acquisition of 4.99% of the outstanding equity share capital of HDFC ERGO General Insurance Company by HDFC Bank," as per a tweet by CCI.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)