AZB & Partners assist HDFC Ltd. in selling 0.62% stake in HDFC Ergo General Insurance
AZB & Partners assist HDFC Ltd. in selling 0.62% stake in HDFC Ergo General Insurance Housing finance major HDFC Ltd. has sold 0.62% of its stake in general insurance subsidiary HDFC Ergo to the foreign JV partner Ergo International for an amount of over Rs. 236 crore to meet regulatory norms. HDFC announced in a regulatory filing, "We would like to inform you that Housing...
ToRead the Full Story, Subscribe to
Access the exclusive LEGAL ERAStories,Editorial and Expert Opinion
AZB & Partners assist HDFC Ltd. in selling 0.62% stake in HDFC Ergo General Insurance
Housing finance major HDFC Ltd. has sold 0.62% of its stake in general insurance subsidiary HDFC Ergo to the foreign JV partner Ergo International for an amount of over Rs. 236 crore to meet regulatory norms.
HDFC announced in a regulatory filing, "We would like to inform you that Housing Development Finance Corporation Ltd. (HDFC), in accordance with the direction of Reserve Bank of India to reduce its shareholding in HDFC ERGO to 50% or below, has today entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up share capital of HDFC ERGO."
It added that subsequent to the sale, HDFC ERGO would cease to be a subsidiary company of HDFC under the provisions of the Companies Act, 2013.
AZB & Partners assisted HDFC Ltd. in the transaction. The team comprised of Partners – Ashwath Rau and Kashish Bhatia and Senior Associates – John Adwet Raghav and Abhipsita Kundu.
