The Securities and Exchange Board of India (SEBI) has given the in-principle approval for the change in control of Housing Development Finance Corporation’s (HDFC) wholly-owned subsidiary HDFC Property Ventures. The change in control will happen pursuant to the merger of HDFC with HDFC Bank.
In April, HDFC Bank and its parent company Housing Development Finance Corporation got approvals from their respective boards for the proposed scheme of amalgamation. Earlier this month, HDFC Bank received banking sector regulator RBI's nod for the proposed merger.
On July 16, the Pension Fund Regulatory and Development Authority (PFRDA) also approved the merger proposal between the two financial entities. HDFC and HDFC Bank have received no adverse observations/no objection from the stock exchanges BSE and NSE for the deal.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
