The Securities and Exchange Board of India (Sebi) has given its final clearance to the proposed change in control of HDFC AMC, announced HDFC Bank on Wednesday.
Market regulator SEBI has granted final approval for the proposed change in control of HDFC AMC in a 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, 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 permission will help pave the way for HDFC’s merger into HDFC Bank, which is slated to be completed by the third quarter of the next fiscal year.
On the basis of greater income, HDFC Ltd increased its standalone net profit by 20 per cent YoY in the March quarter to 4,425 crore. The company’s overall operational revenue increased 36 per cent YoY to 16,679 crore.
The company’s board of directors has approved an interim dividend of Rs 44 per share for FY23.
On April 4, last year, HDFC Bank agreed to acquire the largest domestic mortgage lender in a $40 billion deal.