General Announcement::Approval from CCI for sale of equity shares of HDFC Credila Financial Services Limited

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
09-Aug-2023 18:39:43
Status
New
Announcement Sub Title
Approval from CCI for sale of equity shares of HDFC Credila Financial Services Limited
Announcement Reference
SG230809OTHRWKY8
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 earlier intimation dated June 19, 2023, wherein we had informed that erstwhile Housing Development Finance Corporation Limited ( HDFC Limited ) had executed definitive documents on the said day, for disinvestment/sale of approximately 13,29,49,207 equity shares of HDFC Credila representing approximately 90% of HDFC Credila s total issued and paid-up share capital as on that date, to the Acquirers (the Proposed Transaction ), subject to regulatory approvals and dispensations (including the Reserve Bank of India and CCI). HDFC Bank Limited ( HDFC Bank ) has also executed the said definitive documents as a party being the successor entity of HDFC Limited.

We further refer to our letter dated July 01, 2023 wherein we had informed that HDFC Limited has been amalgamated with and into HDFC Bank, and accordingly, the entire investment of HDFC Limited in HDFC Credila stood transferred to HDFC Bank with effect from July 1, 2023.

In this regard, we understand that the CCI at its meeting held on August 8, 2023, granted its approval for the Proposed Transaction in terms of Section 31(1) of the Competition Act, 2002.

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

Attachments

SGXCredilaCCIapproval09aug2023.pdf
Total size =506K