SEBI grants in-principle approval for change in control of HDFC Property Ventures 

Capital markets regulator Securities and Exchange Board of India (SEBI) has granted in-principle approval for change in control of HDFC Property Ventures, a wholly-owned subsidiary of Housing Development Finance Corporation Limited (HDFC). HDFC Limited is also the investment manager of HDFC India Real Estate Fund III (HIREF III).  

HDFC Ltd said in a regulatory filing, “The Securities and Exchange Board of India (SEBI) has granted its in-principle approval for the change in control of HDFC Property Ventures Limited, a wholly-owned subsidiary of HDFC Ltd which is the investment manager of HDFC india Real Estate Fund III (HIREF III).” 

As per this filing, the scheme for merger is subject to statutory and regulatory approvals from authorities like the Competition Commission of India (CCI), National Company Law Tribunal (NCLT) and respective shareholders and creditors of the companies involved.  

Change in control will happen pursuant to the merger of HDFC and HDFC Bank. In April this year, HDFC Bank and its parent company HDFC got approvals from their respective boards for the proposed scheme of amalgamation.  

HDFC and HDFC Bank have received no adverse observations/objection from the stock exchanges – BSE and NSE—for the deal. Earlier this month, HDFC Bank received Reserve Bank of India’s (RBI) nod for the proposed merger.  

On July, Pension Fund Regulatory and Development Authority (PFRDA) also approved the HDFC-HDFC Bank merger.