Sub.: Disclosure under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")
Dear Sir/Madam,
We wish to inform you that HDFC Bank Limited (the "Bank") has become one of the initial subscribers to the Memorandum and Articles of Association of IBBIC Private Limited (IBBIC) on November 20, 2020.
Pursuant to Regulation 30 of the SEBI Listing Regulations, we wish to provide the following disclosures with respect to the above:
a.
Name of the target entity,
IBBIC Private Limited ("IBBIC").
details in brief as size, turnover
etc.
The said company name is subject to approval of
Registrar of Companies, Mumbai.
b.
Whether the acquisition would
This transaction does not constitute a related
fall within related party
party transaction.
transaction(s) and whether the
promoter/ promoter group/
As on date, the Bank's Promoters do not have
group companies have any
any interest in IBBIC.
interest in the entity being
acquired? If yes, nature of
The Bank and its subsidiaries in the normal
interest and details thereof and
course of business may have business dealings
whether the same is done at
with IBBIC at an arm's length.
"arm's length"
c.
industry to which the entity
IBBIC is proposed to be incorporated as a
being acquired belongs
financial technology company with the objective
of providing a platform for exploring, building
and implementing Distributed Ledger
Technology ("DLT") solutions for the financial
services sector.
d.
objects and effects of
Equity ownership of an entity aiming to provide
acquisition (including but not
DLT solutions for the financial services sector.
limited to, disclosure of
reasons for acquisition of
target entity, if its business is
Regd. Office: HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013
outside the main line of
business of the listed entity)
e.
Brief details of any
Since the acquisition of shareholding is below
governmental or regulatory
10%, regulatory approval is not required.
approvals required for the
acquisition
f.
Indicative time period for
By the end of December 2020.
completion of the acquisition
g.
Nature of consideration -
Cash consideration of Rs. 500,000 (Rupees Five
whether cash consideration or
lakhs only).
share swap and details of the
same
h.
Cost of acquisition or the price
Rs. 10 per equity share of IBBIC.
at which the shares are
acquired
i.
Percentage of shareholding /
Post investment, Bank will hold 6.67% of the
control acquired and / or
equity shareholding of IBBIC, by way of
number of shares acquired
subscription to 50,000 equity shares of face value
of Rs. 10 each.
j.
Brief background about the
Date of Incorporation: application for company
entity acquired in terms of
registration of IBBIC will be submitted to
products/line of business
Registrar of Companies, Mumbai by the end of
acquired, date of incorporation,
November 2020.
history of last 3 years turnover,
country in which the acquired
IBBIC is proposed to provide a platform for
entity has presence and any
exploring, building and implementing DLT
other significant information
solutions for the financial services sector.
(in brief)
History of last 3 years turnover: Not Applicable.
Country of presence: India.
This is for your information and appropriate dissemination.
Thanking you,
Yours faithfully,
For HDFC Bank Ltd
Santosh Haldankar
Sr. Vice President (Legal) & Company Secretary
Regd. Office: HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013
HDFC Bank Limited published this content on 20 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2020 08:08:02 UTC
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