Competition Commission of India has cleared HDFC Bank’s share buy in HDFC ERGOCompetition Commission of India (CCI) has cleared HDFC Bank’s acquisition of 4.99 per cent stake in HDFC ERGO General Insurance Company.Earlier this year in June HDFC Bank had informed that its board had approved buying of more than 3.5 crore shares in the group’s entity HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company Housing Development Finance Corporation or HDFC.”Commission approves acquisition of 4.99 percent of the outstanding equity share capital of HDFC ERGO General Insurance Company by HDFC Bank,” the competition regulator said in a tweet.The acquisition will allow HDFC Bank to take part in the growth opportunity of HDFC ERGO General Insurance and create long term value for its shareholders, the company said in a notice filed with CCI.
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