REG - Housing Dev Fin Corp - Acquisition of stake in HDFC Life Insurance Co Ltd

Housing Development FinanceAnnouncement

28/06/2023 18:15

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RNS Number : 2962E  Housing Development Fin. Corp. Ltd.  28 June 2023

Ref. No.: SE/2023-24/127

 

June 28, 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 Life
Insurance Company Limited ("HDFC Life")

 

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 in HDFC Life and HDFC ERGO General Insurance Company
Limited ("HDFC ERGO"), to HDFC Bank and advised that HDFC Limited or HDFC Bank
should increase the shareholding in HDFC Life and 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 Life so as to hold more than 50% of its
total paid-up share capital.

 

 

In this regard, we wish to inform you that the Corporation has acquired
3,62,22,213 equity shares of HDFC Life representing 1.69% of its total issued
and paid-up share capital from secondary market between June 26, 2023 and June
28, 2023. Post the said acquisition, the Corporation holds 50.33% of the total
paid-up share capital of HDFC Life. Accordingly, HDFC Life 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

 

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