Restricted (HDFC) on Saturday mentioned its life insurance coverage arm has acquired nod from the pension fund regulator PFRDA
for change in shareholding forward of the merger between and subsidiary HDFC Financial institution. PFRDA vide its letter dated November 11, 2022 to , has granted its approval for proposed change in shareholding of HDFC Life, sponsor firm of HDFC Pension as a result of proposed amalgamation i.e. change in promoter from HDFC Restricted to HDFC Bank
, it mentioned in a regulatory submitting.
The amalgamation scheme stays topic to numerous statutory and regulatory approvals, together with from the NCLT and the respective shareholders of the businesses concerned, it mentioned.
In a separate submitting, HDFC Life knowledgeable exchanges concerning the approval granted to the corporate by Pension Fund Regulatory and Development Authority (PFRDA) on the merger scheme shareholding modifications.