The National Company Law Tribunal (NCLT) has approved the merger of HDFC Property Ventures Limited and HDFC Venture Capital with HDFC Capital Advisors.
The order states that the three entities involved in the merger plan will have to submit a certified copy of the NCLT order to the registrar of companies within 30 days. Only after this the merger will become effective, HDFC Limited informed the exchanges on Friday.
HDFC Property Ventures and HDFC Venture Capital are wholly owned subsidiaries of HDFC, while Home Finance NBFS holds 88.23% stake in HDFC Capital Advisors as on December 31, 2022.
On August 25, 2022, the boards of HDFC Property Ventures, HDFC Venture Capital and HDFC Capital Advisors had approved the proposal to merge the first two entities with the third. A joint company scheme was filed with the NCLT on August 31, 2022.
Subsidiaries of HDFC had submitted before the NCLT that the merger would simplify, streamline and optimize the group’s structure as well as enhance value for the shareholders. HDFC Venture Capital, a SEBI-registered venture capital fund, is the investment manager of HDFC Property Fund.
