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SEBI grants final approval for proposed change in control of HDFC AMC
May 12, 2023
HDFC Bank on Wednesday said markets regulator Securities and Exchange Board of India (Sebi) has granted its final approval for the proposed change in control of HDFC AMC.
Market regulator Sebi through its letter dated May 10, 2023 to HDFC Asset Management Company Limited, a subsidiary of HDFC Ltd and the investment manager of HDFC AMC AIF II, has granted its final approval for the proposed change in control of HDFC AMC, the private sector lender said in a stock exchange filing.
“SEBI has also advised HDFC AMC to ensure compliance with all other provisions of SEBI (Alternative Investment Fund) Regulations, 2012 and circulars issued thereunder,” it added.
This approval will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of the next financial year.
HDFC Ltd posted a 20% year-on-year growth in standalone net profit in the March quarter to ₹4,425 crore, on the back of higher income. The company’s total operating revenue surged 36% from a year ago to ₹16,679 crore.
An interim dividend of ₹44 per share for FY23 has been approved by the company’s board.
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