HDFC to acquire 26% shares of HCGICL from Chubb Global - USA

Housing Development Finance Corporation Ltd (HDFC) has announced that the Corporation has agreed with Chubb Global Financial Services Corporation, U.S.A (Chubb Global) to acquire 32,500,000 equity shares of Rs 10 each held by Chubb Global in HDFC Chubb General Insurance Company Ltd (HCGICL) representing 26% of the paid up share capital of HCGICL, subject to receipt of requisite approvals.

Consequent to the said acquisition, HCGICL, would become a 100% subsidiary of the Corporation.

The stock was trading at Rs.1682.15, up by Rs.2.15 or 0.13%. The stock hit an intraday high of Rs.1708 and low of Rs.1675.10. The total traded quantity was 32328 compared to 2 week average of 67610.

Source : Equity Bulls

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