The Indian Competition Authority unconditionally approves the acquisition of shareholding in a general insurance company by a commercial bank (HDFC Bank / HDFC Ergo General Insurance)

A notice was filed by HDFC Bank Limited (“HDFC Bank/Acquirer”) pursuant to the execution of a Binding Term Sheet between HDFC Bank and Housing Development Finance Corporation Limited (“HDFC”). It envisages an acquisition by HDFC Bank of 4.99% of the outstanding equity share capital, on an undiluted basis, of HDFC ERGO General Insurance Co. Ltd. ("Target") from HDFC