Housing Development Finance Corporation has completed the acquisition of 50.80% share of Apollo Hospital Group, in Apollo Munich Health Insurance Company (Apollo Munich) for Rs 1485.14 crore and 0.36% shareholding held by employees for Rs 10.67 crore. The acquisition was approved by the Competition Commission of India, the Reserve Bank of India, and the Insurance Regulatory and Development Authority of India. Subsequent to the approval, Apollo Munich has been renamed as HDFC ERGO Health Insurance and will operate as a subsidiary of HDFC.

Anuj Tyagi, Executive Director and Chief Business Officer at HDFC ERGO General Insurance Company has been appointed as the new MD and CEO of HDFC ERGO Health Insurance, subject to approval of IRDAI.

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Housing Development Finance Corporation has reduced its retail prime lending rate (RPLR) on housing loans, on which its adjusted rate home loans (ARHL) are benchmarked, by 5 basis points with effect from 06 January 2020.

The change will benefit all existing HDFC customers.

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During the December'19 quarter, HDFC assigned loans amounting to Rs 4,258 crore compared to Rs 6,959 crore in December 2018 quarter. All the loans assigned during the quarter ended on 31 December 2019 were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between HDFC and the Bank.

HDFC also informed that it has recorded a fair value gain of Rs 9,020 crore from Gruh Finance and Bandhan Bank merger.

Income from dividend was at Rs 4 crore in December 2019 quarter compared to Rs 2 crore in December 2018 quarter.

At the end of Q2 September 2019, HDFC's stake in GRUH Finance was 38% and accordingly was classified as an associate company.

The effective date of the merger of GRUH into and with Bandhan Bank was 17 October 2019 and the Corporation was allocated 15.93 crore shares aggregating to 9.898% of the total share capital of the Bank.

HDFC's main business is financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes.

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Housing Development Finance Corporation and HDFC ERGO announced the receipt of requisite approvals for the acquisition of up to 51.2% stake in Apollo Munich Health Insurance Company and the subsequent merger with HDFC ERGO General Insurance Company (subsidiary of the Corporation). These include the approval from CCI, Reserve Bank of India and the IRDAI on 01 January 2020.

Post the proposed acquisition, Apollo Munich would be merged with and into HDFC ERGO General Insurance Company (subsidiary of the Corporation), subject to the approval of the National Company Law Tribunal, Mumbai.

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