General Announcement::Approval from Competition Commission of India

Issuer & Securities

Issuer/ Manager
HDFC BANK LIMITED
Securities
HDFCBANK INR23B 8.1%N250322 - XS1794215696 - 8NPB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
20-Jun-2023 23:34:40
Status
New
Announcement Sub Title
Approval from Competition Commission of India
Announcement Reference
SG230620OTHR9HWQ
Submitted By (Co./ Ind. Name)
Dhanjit Thaivalappil
Designation
Deputy Vice President
Description (Please provide a detailed description of the event in the box below)
This is in connection with our letter dated April 4, 2022, informing about the decision taken by the Board of Directors of the HDFC Bank 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 forbearances/ clarifications to HDFC Bank. Under the said letter, RBI had inter alia permitted the transfer in terms of the Scheme of shareholding of HDFC Limited in HDFC Ergo and HDFC Life, to HDFC Bank and advised that HDFC Bank or HDFC Limited should increase the shareholding in HDFC Life and HDFC ERGO to more than 50% prior to the effective date of the Scheme.

In this regard, we understand that the CCI, vide its separate letters, has informed that CCI in its meeting held on June 20, 2023, granted its approval to the proposed combinations in terms of Section 31(1) of the Competition Act, 2002, for HDFC Limited to increase its stake in HDFC Life and HDFC ERGO to more than 50% each.

We request you to bring the above to the notice of all concerned.

Attachments

SGXSchemeupdateCCIapproval20jun2023.pdf
Total size =568K