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.
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