HDFC Property Ventures and HDFC Venture Capital to merge with HDFC Capital Advisors Ltd

The board of directors of HDFC Property Ventures Limited ("HPVL"), HDFC Venture Capital Limited ("HVCL"), both wholly owned subsidiaries of Housing Development Finance Corporation Limited ("Corporation") and HDFC Capital Advisors Limited ("HCAL"), another subsidiary of the Corporation, at their respective meetings held today i.e. on August 25, 2022 have approved a scheme of amalgamation ("Scheme") for the proposed amalgamation of HPVL and, HVCL with HCAL, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, subject to receipt of requisite approvals ("Proposed Amalgamation").

The combined platform shall advise/ manage approximately USD 4.1 billion of assets and this makes it one of the leading private equity firms in India.

The Scheme envisages amalgamation of HPVL and HVCL (together, "Transferor Companies") with and into HCAL ("Transferee Company") and the dissolution of the Transferor Companies without being wound up.

Shares of Housing Development Finance Corporation Limited was last trading in BSE at Rs. 2423.95 as compared to the previous close of Rs. 2437.15. The total number of shares traded during the day was 57520 in over 4112 trades.

The stock hit an intraday high of Rs. 2467.15 and intraday low of 2410.30. The net turnover during the day was Rs. 139786753.00.

Source : Equity Bulls

Keywords

INE001A01036 HDFC HDFCPropertyVentures HDFCVentureCapital HDFCCapitalAdvisors Merger