Housing Development Finance Corporation Limited (HDFC) on Saturday said its life insurance arm has received nod from the pension fund regulator PFRDA for change in shareholding ahead of the merger between HDFC and subsidiary HDFC Bank.
PFRDA vide its letter dated November 11, 2022 to HDFC Life, has granted its approval for proposed change in shareholding of HDFC Life, sponsor company of HDFC Pension due to proposed amalgamation i.e. change in promoter from HDFC Limited to HDFC Bank, it said in a regulatory filing.
The amalgamation scheme remains subject to various statutory and regulatory approvals, including from the NCLT and the respective shareholders of the companies involved, it said.
In a separate filing, HDFC Life informed exchanges about the approval granted to the company by Pension Fund Regulatory and Development Authority (PFRDA) on the merger scheme shareholding changes.