REG - Housing Dev Fin Corp - update on the acquisition of stake - Apollo Munich

Housing Development FinanceAnnouncement

02/01/2020 07:06

RNS Number : 4802Y
Housing Development Fin. Corp. Ltd.
02 January 2020
 


Ref. No. SE/ 2019-20/276
January 2, 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 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - update on the acquisition of equity stake of Apollo Munich Health Insurance Company Limited
 
This is in furtherance to our communication dated June 19, 2019, informing you about entering into agreements for acquiring up to 51.2% of the equity share capital of Apollo Munich Health Insurance Company Limited (Apollo Munich) and grant of no objection by the Corporation to the proposed merger of Apollo Munich with HDFC ERGO General Insurance Company Limited (a subsidiary of the Corporation) (HDFC ERGO), subject to receipt of approvals from National Housing Bank, Insurance Regulatory and Development Authority of India (IRDAI), Competition Commission of India (CCI) and/or other regulatory approvals.
 
In this connection, we wish to inform you that the Corporation and HDFC ERGO have received all requisite approvals for the said acquisition including CCI, Reserve Bank of India and the last being from IRDAI on January 1, 2020.
 
As informed earlier, post the completion of the proposed acquisition, Apollo Munich would be merged with and into HDFC ERGO, subject to the approval of the National Company Law Tribunal, Mumbai.
 
A copy of the letter received from HDFC ERGO in this regard is enclosed.
 
http://www.rns-pdf.londonstockexchange.com/rns/4802Y_1-2020-1-2.pdf
 
 
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      




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