HDFC Ltd said on Wednesday it was selling 10% stake in its unit, HDFC Capital, to an arm of Abu Dhabi Investment Authority for around ₹ 184 crore ($24.09 million).
“The board of directors of HDFC Bank at its meeting held on June 18, 2021 approved the purchase of 3,55,67,724 equity shares of Rs 10 each, representing 4.99 per cent of the outstanding issued and paid-up capital of HDFC ERGO General Insurance Company Ltd from HDFC Ltd,” HDFC Bank said in the filing.
HDFC is the promoter and related party of the bank.
The purchase is to occur at a price determined on an independent evaluation report, subject to receipt of necessary approvals including regulatory approvals and approval from shareholders of the bank.
“The aggregate consideration for purchase of 3,55,67,724 shares of HDFC ERGO is Rs 1,906.43 crore, i.e. Rs 536 per share,” it said further.
