General Announcement::scheme of amalgamation - Approval from Insurance Regulatory and Development Authority 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
24-Jun-2023 01:10:39
Status
New
Announcement Sub Title
scheme of amalgamation - Approval from Insurance Regulatory and Development Authority of India
Announcement Reference
SG230624OTHRU9G4
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 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, 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.





In connection with the above, we understand that IRDAI vide its separate letters dated June 23, 2023, addressed to HDFC Life and HDFC Ergo, has granted its approval in terms of Section 6A of the Insurance Act, 1938, as under, subject to certain conditions mentioned therein:

(a) for HDFC Limited to acquire such number of shares of HDFC Life and HDFC ERGO, so that HDFC Limited holds approximately 50.5% of the paid-up share capital of HDFC Life and HDFC Ergo; and
(b) for transfer of the entire shareholding (including additional shares to be purchased pursuant to the above approval) of HDFC Limited in HDFC Life and HDFC ERGO to HDFC Bank, in view of the Proposed Amalgamation.

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

Thank you,

Attachments

SGXSchemeupdateIRDAIapproval23jun2023.pdf
Total size =672K