The proposed combination involving the Housing Development Finance Corporation’s (HDFC) acquisition of additional HDFC Life Insurance Company shares has obtained approval by the Competition Commission of India (CCI). After the proposed merger of HDFC into HDFC Bank, HDFC and the merged entity, i.e. HDFC Bank, will hold more than 50% of HDFC Life, in accordance with Indian banking laws. The proposed combination entails the acquisition by HDFC of certain additional shares of HDFC Life through one or more market purchases via exchanges. HDFC owns a 48.65% stake in HDFC Life as of March 2023.
As reported by CNBC-TV18, Piramal Enterprises might sell its entire 8.34% stake in Shriram Finance via block deals. The floor price will be at a discount of 5% to the closing price on June 20 and will probably be at Rs 1,483 per share. The broker for this deal will be Morgan Stanley.
At a price of Rs 1,873 per share, BI Mutual Fund, Zulia Investments Pte Limited, Smallcap World Fund Inc, and Societe Generale have purchased a total of 99.1 lakh equity shares or 4.64% stake in the asset management company. Meanwhile, Abrdn Investment Management has offloaded its entire 2.18 crore shares or 10.2% at the same price, which amounted to around Rs 4,079 crore.
The board members of the pharma company will be meeting on June 23 in order to consider the proposal of fundraising through the Rights issue of equity shares.
The manufacturer of speciality chemicals and construction materials opened its two joint ventures, Pidilite Litokol (PLPL) and Tenax Pidilite (TPPL) in Amod, Gujarat. As part of the joint venture, Litokol SPA Italy and Tenax SPA Italy transferred technology to Pidilite. The presence of Pidilite in the tile and stone care market will grow as a result of this development.
Also Read: HDFC AMC shares jump 9% After Ardn Management Offloads Its Entire Stake In The Company
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