Categories: Business

CCI approves acquisition of 4.99% stake in HDFC ERGO by HDFC Bank

The Competition Commission of India (CCI) has approved the acquisition of 4.99 percent of the outstanding equity share capital in HDFC ERGO General Insurance Company by private sector lender HDFC Bank. HDFC Bank will acquire 3.56 crore shares or 4.99% stake for Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC). HDFC ERGO General Insurance Company is a joint venture between HDFC and European insurer ERGO International AG.

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The proposed combination will enable the lender to participate in the growth opportunity of HDFC ERGO General Insurance and create long-term value for its shareholders, as per a combination notice filed with the regulator.

Important takeaways for all competitive exams:

HDFC Bank Headquarters: Mumbai;
HDFC Bank Founded: August 1994;
HDFC Bank CEO: Sashidhar Jagdishan;
HDFC Bank Tagline: We understand your world.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.