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Housing Development Finance Corporation (HDFC) on Friday entered into a share purchase agreement for sale of 44,12,000 equity shares of Rs 10 each in HDFC ERGO General Insurance for a cash consideration of Rs 236.48 crore to ERGO International AG.
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Ultratech Cement reported 45.2% drop in consolidated net profit to Rs 1775.23 crore in Q4 FY21 as against Rs 3240.23 crore in Q4 FY20. Net sales during the quarter increased 32.7% year-on-year (YoY) to Rs 14405.61 crore. Profit before tax in Q4 FY21 stood at Rs 2638.98 crore, up 80.8% from Rs 1459.43 crore in Q4 FY20. Current tax outgo increased 93.9% to Rs 478.20 crore in Q4 FY21 over Q4 FY20.
Rs. 2,364,832,000 as cash consideration, i.e. Rs. 536 per equity share The sale of 44,12,000 equity shares of HDFC ERGO by buyers belong to the promoter/ promoter HDFC, Indian promoter of HDFC ERGO to ERGO group/group companies. If yes, details thereof; International AG, foreign promoter of HDFC ERGO. ERGO International AG does not belong to the promoter/ promoter group of HDFC. Corporate Office: HDFC House, HT Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai 400 020. Tel.: 66316000, 22820282. Fax: 022-22046834, 22046758. Regd. Office: Ramon House, HT Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400 020. INDIA. Corporate Identity Number: L70100MH1977PLC019916 Continuation Sheet Whether the transaction would fall within No related party transactions? If yes, whether the same is done at arms
May 08, 2021
ERGO will cease to be HDFC subsidiary
Housing Development Finance Corporation (HDFC) on Friday entered into a share purchase agreement for sale of 44,12,000 equity shares of ₹10 each in HDFC ERGO General Insurance for a cash consideration of ₹236.48 crore to ERGO International AG.
HDFC, in a regulatory filing, said the share sale is in accordance with the direction of the Reserve Bank of India (RBI) to reduce its shareholding in HDFC ERGO to 50 per cent or below.
The share sale at ₹536 per equity share, represents 0.62 per cent of the issued and paid-up share capital of HDFC ERGO. ERGO International AG is the foreign promoter of the general insurer.
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