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HDFC Bank to buy 4.99% stake in HDFC ERGO 
(17:04, 19 Jun 2021)
The aggregate consideration for purchase of 3,55,67,724 shares of ₹ 10 each of HDFC ERGO is ₹ 1,906.43 crore i.e. ₹ 536 per share.

The bank said that the transaction will be carried out on an arms' length basis post receipt of requisite regulatory approvals and compliances with the conditions precedent including approval from the shareholders.

The transaction will require approval from the Insurance Regulatory and Development Authority of India. HDFC Bank will also seek approval from the Reserve Bank of India.

The proposed transaction will help align the interest of HDFC Bank and HDFC ERGO, which is thereby expected to further accelerate the profitable growth of HDFC ERGO leading to additional long-term value creation for all its shareholders, HDFC said in a separate filing.

The transaction enables the HDFC Bank to participate in the growth opportunity of HDFC ERGO and augment HDFC ERGO's growth prospects leading to long-term value creation by HDFC ERGO for its shareholders. The private lender expects the transaction to be completed by 30 September 2021

HDFC ERGO has been one of the fastest growing private General Insurers in the country, having grown its Gross Written Premium at a 35% CAGR over the last 13 years. HDFC Bank has been a distribution partner of HDFC ERGO since 2009.

HDFC ERGO is a joint venture between HDFC and ERGO Group AG, the primary insurance entity of the Munich Re Group of Germany. It has a market share of 6.2% for FY 2020-21 (in terms of gross direct premium income) in India. It offers products like motor, health, travel, home, personal accident and cyber insurance in primarily the retail space and customized products like property, marine and liability insurance in the corporate space through its network of 203 branches and a wide distribution network.

For the financial year ended on 31 March 2021, the turnover (gross written premium) and net-worth of HDFC ERGO was ₹ 12,443.93 crore and ₹ 2,926.86 crore respectively.

HDFC Bank is a private sector bank. As of 31 March 2021, the bank's distribution network was at 5,608 branches and 16,087 ATMs / cash deposit & withdrawal machines (CDMs) across 2,902 cities/towns.

The private lender reported 18.2% rise in net profit to ₹ 8,186.51 crore in Q4 FY21 compared with ₹ 6,927.69 crore in Q4 FY20. Total income of the bank rose 5.8% year-on-year (YoY) to ₹ 38,017.50 crore during the quarter.

Shares of HDFC Bank rose 0.95% to ₹ 1,479.85 on BSE.

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Dear Investor,

As you are aware, under the rapidly evolving dynamics of financial markets, it is crucial for investors to remain updated and well-informed about various aspects of investing in securities market. In this connection, please find a link to the BSE Investor Protection Fund website where you will find some useful educative material in the form of text and videos, so as to become an informed investor.

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Risk Disclosure on Derivatives

  • out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source:
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

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