General Announcement::Composite scheme of amalgamation

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
29-Jun-2023 01:21:56
Status
New
Announcement Sub Title
Composite scheme of amalgamation
Announcement Reference
SG230629OTHRCSZ3
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 04, 2022 informing about the decision taken by the Board of Directors of 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 forbearance/ 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 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 HDFC Limited 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 we understand that HDFC Limited 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, HDFC Limited holds 50.33% of the total paid-up share capital of HDFC Life. Accordingly, HDFC Life has become a subsidiary of the HDFC Limited.


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

Attachments

SGXSchemeupdateHdfcLife28jun2023.pdf
Total size =672K