SEBI gives approval for change in control of HDFC Capital Advisors

13 Apr 2023 , 12:45 PM

HDFC Ltd has announced that the Securities and Exchange Board of India (SEBI) has approved a proposal for the alteration of control of HDFC Capital Advisors Limited (HCAL).

In a regulatory filing, HDFC Ltd has revealed that SEBI has granted its approval for the proposed modification of control of HCAL, a subsidiary of HDFC Limited and a co-investment portfolio manager, through a letter dated April 10, 2023. 

The approval, however, is subject to several conditions stated in the letter sent by SEBI to HCAL.

According to the proposed composite scheme of amalgamation, HDFC Limited has declared that its wholly-owned subsidiaries, HDFC Investments Limited and HDFC Holdings Limited, will be consolidated with HDFC Limited initially and eventually merged with HDFC Bank.

The approval granted by SEBI for the modification of control of HCAL is a significant step towards the merger of HDFC with HDFC Bank. The consolidation is anticipated to be completed by the third quarter of the next fiscal year.

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