HDFC Bank to buy 3.55 crore shares of HDFC Ergo for Rs 1,906 crore – hdfc bank to buy 355 crore shares of hdfc ergo for Rs 1906 crore

HDFC Bank to buy 3.55 crore shares of HDFC Ergo for Rs 1,906 crore – hdfc bank to buy 355 crore shares of hdfc ergo for Rs 1906 crore

New Delhi, Jun 19 (PTI) HDFC Bank’s board has approved the acquisition of 3.55 crore shares of HDFC Ergo General Insurance Company from its parent company Housing Development Finance Corporation (HDFC) for Rs 1,906 crore.

The bank gave this information on Saturday.

3,55,67,724 equity of Rs 10 each in the meeting of the bank’s board of directors held on June 18

allowed to buy shares. This is HDFC ERGO General Insurance Company Ltd. of 4.99 per cent of the outstanding issued and paid-up capital.

The procurement will be done on the basis of an independent assessment report. Apart from this, the approval of the shareholders will be taken apart from regulatory and other approvals.

HDFC Bank will buy 3,55,67,724 shares of HDFC Ergo for a total of Rs 1,906.43 crore. In this sense, this price will sit at Rs 536 per share.

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