Competition Commission of India has cleared HDFC Bank's share buy in HDFC ERGOCompetition Commission of India (CCI) has actually cleared HDFC Bank's acquisition of 4.99 percent stake in HDFC ERGO General Insurance Company.Earlier this year in June HDFC Bank had informed that its board had authorized purchasing of more than 3.5 crore shares in the group's entity HDFC ERGO General Insurer for over Rs 1,906 crore from the parent company Real estate Advancement Finance Corporation or HDFC.
Commission approves acquisition of 4.99 percent of the exceptional equity share capital of HDFC ERGO General Insurer by HDFC Bank, the competitors regulator stated in a tweet.The acquisition will allow HDFC Bank to take part in the growth chance of HDFC ERGO General Insurance coverage and create long term worth for its shareholders, the company stated in a notice filed with CCI.