M&A

M&A

HDFC takes stake in general insurance JV HDFC ERGO to 50.5 %

Business Standard  

HDFC Ltd has increased its stake in the group's general insurance venture HDFC Ergo to 50.5%. HDFC acquired 36,42,290 equity shares of HDFC ERGO representing 0.5097 % of its total issued and paid-up share capital from ERGO International AG, the other promoter of HDFC ERGO. According to Reserve Bank of India (RBI) rules, a bank can hold either below 30% or above 50% stake in insurance ventures.