The Competition Commission of India (CCI) announced on Saturday that it has approved the merger of HDFC Ltd, 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 principally engaged in providing finance for the purchase, construction, development and repair of houses, flats and apartments to individuals, businesses and builder busy. is in the business of commercial real estate in india
HDFC Bank Limited (HDFC Bank) is registered as a banking company with RBI and offers a range of banking and financial services including retail banking, wholesale banking and treasury operations through various offices in India.
HDFC Investments Limited (HDFC Investments) is registered with the RBI as a systemically important finance company and does not accept deposits and has a business of investing in equities, preference shares, venture funds, mutual funds and other securities. is busy.
HDFC Holdings Limited (HDFC Holdings) is registered with the RBI as a systemically important finance company which does not accept deposits and has a business of investing in equities, preference shares, venture funds, mutual funds and other securities. is busy.
The proposed merger envisages a two-stage merger process.
The first phase involves the merger with HDFC Investments, HDFC Holdings and HDFC Ltd so that HDFC Ltd will be the surviving entity after the move.
The second phase involves the merger of the merged HDFC Ltd with HDFC Bank so that HDFC Bank will be the surviving entity.
CCI also announced that it has completed the acquisition of shares in Holderind Investments Ltd., Ambuja Cements Ltd. and ACC Ltd. by Endeavor Trade and Investment Ltd. approved.
The proposed concentration provides for Endeavor Trade & Investment Limited to acquire all of the share capital of Holderind Investments Limited. Belongs to the Adani group.
Holderind holds 63.11% of the share capital of Ambuja Cements Limited and 4.48% of the share capital of ACC Limited. In addition, Ambuja holds 50.05% of ACC’s paid-up share capital.
Pursuant to the Securities and Exchange Board of India (Significant Acquisitions and Takeovers) Regulations 2011, Endeavor is required to make an open offer to acquire up to 26% each of the enlarged share capital of Ambuja and ACC.
Endeavor is a newly formed company and is part of the Adani Group. Holderind is the holding company of Ambuja and ACC. Ambuja and ACC are engaged in cement manufacturing in India.
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