HDFC bank on Monday announced that it will acquire 20% or more stake in Griha Pte, a wholly owned subsidiary of HDFC Investments, as it has received the regulatory clearance from the Monetary Authority of Singapore (MAS).
In the regulatory filing, HDFC Bank said, “Monetary Authority of Singapore (MAS) vide its e-mail dated April 24, 2023 to Griha Pte, has granted its approval for acquisition of shares in Griha Pte. by HDFC Bank, which would result in HDFC Bank – (i) acquiring or holding, directly or indirectly, 20% or more of the issued share capital of Griha Pte.; or (ii) controlling, directly or indirectly, 20% or more of Griha Pte.”
Griha Pte is a foreign subsidiary of HDFC, is a private equity fund manager headquartered in Singapore and registered with MAS.
The approval from Singapore regulator comes days after HDFC bank has received permission from the Reserve Bank of India (RBI) to increase stake in HDFC Life and HDFC ERGO to more than 50%.
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