HDFC Ltd on Wednesday said that the market regulator Sebi has cleared a proposal for change in control of HDFC Capital Advisors Limited (HCAL).
Sebi vide its letter dated April 10, 2023 to HCAL, a subsidiary of HDFC Limited and a co-investment portfolio manager, has granted its approval for the proposed change in control of HCAL, subject to certain conditions mentioned in the said letter, HDFC said in a regulatory filing.
The proposed amalgamation is subject to receipt of final approvals from Securities and Exchange Board of India (Sebi) in respect of change in control of certain subsidiaries of HDFC Limited, it said.
As per the proposed composite scheme of amalgamation, it said, HDFC Investments Limited and HDFC Holdings Limited, wholly-owned subsidiaries of Housing Development Finance Corporation Limited (HDFC Limited) would be first merged into HDFC Limited and subsequently into HDFC Bank.
HDFC has already received the required approvals from the Securities and Exchange Board, .
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