Housing Development Finance Corporation (HDFC) announced that subsequent to approval of the stock exchanges and Reserve Bank of India for scheme of merger of HDFC and HDFC Bank, the Securities and Exchange Board of India (SEBI) has granted its in-principle approval for the change in control of HDFC Property Ventures, a wholly-owned subsidiary of HDFC which is the investment manager of HDFC India Real Estate Fund III (HIREF III), subject to the approval of the NCLT.
Additionally, also taken on record the proposed change in sponsor of HIREF III on account of the Scheme from HDFC to HDFC Bank.
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