The market regulator Securities and Exchange Board of India (Sebi) has cleared a proposal for change in control of Housing Development Finance Corporation’s (HDFC) subsidiary -- HDFC Capital Advisors (HCAL). The proposed amalgamation is subject to receipt of final approvals from Sebi in respect of change in control of certain subsidiaries of HDFC. As per the proposed composite scheme of amalgamation, HDFC Investments and HDFC Holdings, wholly-owned subsidiaries of HDFC would be first merged into HDFC and subsequently into HDFC Bank.
HDFC has already received the required approvals from the Securities and Exchange Board, shareholders of HDFC and HDFC Bank, the Pension Fund Regulatory and Development Authority and the Competition Commission of India. This approval will help pave the way for the merger of HDFC into HDFC Bank expected to be finalised by the third quarter of next financial year.
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.
