REG - Housing Dev Fin Corp - Update - Merger of HDFC ERGO Health with HDFC ERGO

Housing Development FinanceAnnouncement

16/01/2020 07:00

RNS Number : 0011A
Housing Development Fin. Corp. Ltd.
16 January 2020
 


Ref. No. SE/ 2019-20/290
 
January 16, 2020
 
BSE Limited                                                                National Stock Exchange of India Limited
P. J. Towers                                                                  Exchange Plaza, Plot No. C/1
Dalal Street                                                                  Bandra-Kurla Complex, Bandra (East)
Mumbai 400 001.                                                        Mumbai 400 051.
 
Kind Attn:    Sr. General Manager                            Kind Attn: Head - Listing
                    DCS - Listing Department
 
Dear Sirs,
           
Sub:      Intimation under Regulation 30(9) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
 
In furtherance to our communication dated January 9, 2020, inter alia informing you about the completion of acquisition of 51.16% of the equity share capital of HDFC ERGO Health Insurance Limited (formerly Apollo Munich Health Insurance Company Limited) (HDFC ERGO Health or Transferor Company) by the Corporation and initiation of necessary steps of merger of HDFC ERGO Health and HDFC ERGO General Insurance Company Limited (HDFC ERGO or Transferee Company), subsidiary of the Corporation, subject to the approval of the National Company Law Tribunal, Mumbai (NCLT).
 
In this connection, we wish to inform you that the Board of Directors of HDFC ERGO and HDFC ERGO Health, at its meeting held on January 15, 2020, approved a Scheme of Arrangement and Amalgamation between HDFC ERGO and HDFC ERGO Health under Sections 230 to 232 and other applicable provisions of the Companies Act. 2013. The Scheme inter alia envisages amalgamation of the Transferor Company into and with the Transferee Company and dissolution of the Transferor Company without winding up.
 
The Board of Directors of HDFC ERGO and HDFC ERGO health at the said meeting also approved the share exchange ratio of 100:385 i.e. for every 385 equity shares of ` 10 each of held in HDFC ERGO Health as on the record date, 100 equity shares of ` 10 each of HDFC ERGO would be allotted. Post completion of the said merger, the Corporation would hold 50.58% in the equity share capital of the HDFC ERGO.
 
A copy of intimation submitted by HDFC ERGO and HDFC ERGO Health to the stock exchange in this regard is enclosed herewith.
 
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 Ltd.
 
 
Ajay Agarwal
Company Secretary
 
Encl. a/a
 
cc:        London Stock Exchange
            10, Paternoster Square London EC4M 7LS    
 
http://www.rns-pdf.londonstockexchange.com/rns/0011A_1-2020-1-16.pdf
 
http://www.rns-pdf.londonstockexchange.com/rns/0011A_2-2020-1-16.pdf    




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDBFMFTMTTBMFM