HDFC merger update: Change in ownership of HDFC Ltd's subsidiary cleared by SEBI

Markets regulator Sebi has granted the in-principle approval for the change in control of HDFC Ltd's wholly-owned subsidiary HDFC Property Ventures Ltd.

The change in control will happen pursuant to the merger of HDFC Ltd with HDFC Bank.

In April, HDFC Bank and its parent company Housing Development Finance Corporation (HDFC) got approvals from their respective boards for the proposed scheme of amalgamation.

"The Securities and Exchange Board of lndia (Sebi) has granted its in-principle approval for the change in control of HDFC Property Ventures Limited, a wholly-owned subsidiary of HDFC Ltd which is the investment manager of HDFC India Real Estate Fund III (HIREF III)," HDFC Ltd said in a regulatory filing on Wednesday.

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 Ltd and HDFC Bank have received no adverse observations/no objection from the stock exchanges BSE and NSE for the deal.