The Competition Commission of India (CCI) approves the proposed combination involving the merger of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings. Housing Development Finance Corporation Limited (HDFC Limited) is a housing finance company registered with the National Housing Bank and is primarily engaged in providing finance to individuals, businesses and developers for the purchase, construction, development and repair of houses, flats and apartments. commercial real estate in India.
HDFC Bank Limited (HDFC Bank) is registered with the Reserve Bank of India (RBI) as a banking company and is engaged in providing a range of banking and financial services including retail banking, wholesale banking and cash operations through various branches in India.HDFC Investments Limited (HDFC Investments) is registered with the RBI as a systemically important non-banking non-deposit financial company and is engaged in the business of investing in shares, preference shares, hedge funds, mutual funds and other securities.
HDFC Holdings Limited (HDFC Holdings) is registered with the RBI as a systemically important non-banking non-deposit financial company and is engaged in the business of investing in shares, preference shares, hedge funds, mutual funds and other securities. The proposed combination envisages a two-phase merger process:
Step 1: Merger of HDFC Investments and HDFC Holdings into and with HDFC Limited with HDFC Limited being the surviving entity after this step; and
Step 2: Amalgamation of merged HDFC Limited into HDFC Bank so that HDFC Bank will be the surviving entity after this step. (Steps 1 and 2 above together form the suggested combination)
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