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<ul><li>HDFC is looking to bring in more capital in the wake of the coronavirus pandemic to the tune of ₹14,000 crore. </li><li>India’s biggest mortgage lender plans to raise ₹10,000 through qualified institutional placement (QIP) and ₹4,000 in warrants. </li><li>Another ₹9,000 will be issued as secured redeemable non-convertible debentures.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider. </a></li></ul>India’s biggest mortgage lender Housing Development Finance Corporation (HDFC) is on the hunt for capital and that's boosting its share price. HDFC’s stock value jumped by 1.5% in early morning trade after the company announced that it has plans to raise ₹14,000 crore through its new equity fundraising program. Around ₹10,000 crore will come from qualified institutional placement (QIP) and ₹4,000 crore in warrants. <div type="image" title="HDFC BANK stock price (1)" msid="77385963" hostid="261" caption="&amp;lt;p&amp;gt;HDFC share price jumps 1.5% as markets open today morning&amp;lt;/p&amp;gt;"></div> The floor price for the equity shares has been set to ₹1,838.94 and the board of directors will meet again on August 10 to determine the issue price. In addition to the ₹14,000 crore, HDFC will also be issuing secured redeemable non-convertible debentures worth ₹9,000 crore. This is the third time in the last 12 years that HDFC is raising capital through such an offering. It did so once in 2009 and then again in 2015. HDFC's first full quarter in the face of the coronavirus pandemic saw a loss of 4.7% at the end of June. Its gross non-performing loans stood at ₹8,631 crore accounting for 1.87% of HDFC’s loan portfolio. The company already has ₹12,285 in the bank as provisions to serve as a cushion once the Reserve Bank of India’s (RBI) moratorium ends on August 31. It even added another ₹1,199 this quarter specifically for COVID related accounts. Despite having safeguards in place, many companies are going down the QIP route to shore up capital against the uncertainty of the coronavirus pandemic. This includes Kotak Mahindra Bank, Info Edge and — most recently to lay down its offering — <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-finalises-10000-crore-share-sale-to-raise-funds-at-a-floor-price-of-442-19/articleshow/77354177.cms">Axis Bank for a whopping ₹ 10,000 crore</a>. Others either have approved fundraising plans on stand by or are in the process of putting out their own QIP. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-amazon-team-up-to-take-on-jio-microsoft-in-the-battle-for-indias-cloud-market/articleshow/77371744.cms">Airtel-Amazon team up to take on Jio-Microsoft in the battle for India’s cloud market</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

<ul><li>Housing Development Finance Corporation’s individual loan disbursements rose rapidly by 181% on year in June quarter.</li><li>The leading housing finance company sees strong demand for home loans since many locations have unlocked post covid.</li><li>Real estate company stocks have been gaining since the last 30 days hoping for a recovery.</li></ul>The largest private housing finance company in India said that demand had improved in both the affordable segment as well as in high-end properties. While the company’s net profit declined marginally to ₹ 5,310 crore from ₹5,669 crore same time last year, Housing Development Finance Corporation (HDFC) saw a 181% growth in individual loan disbursement in June quarter 2021. "HDFC surprised the street with almost steady asset quality performance during a quarter when most peers in housing as well as other asset finance sectors have reported a significant rise in stressed loans," said Kotak Institutional Equities in its report dated August 3. <div type="image" title="HDFC net profit revenue" height="900" width="1200" msid="84972826" hostid="261"></div> Home loan disbursement refers to the release of the credit amount by the bank or financial institution to the borrower. “While disbursements during April and May of the current financial year were somewhat impacted, business has reverted to normalised trends in the months of June and July,” said the company while announcing its June quarter results. This is a trend that has continued for the last few quarters with exceptions in the month of April and May 2021 when the second wave of the pandemic struck. Watch the company’s Chief Executive Officer Keki Mistry expressing similar optimism in a conversation with <a href="https://www.businessinsider.in/business/news/watch-the-ceo-of-indias-largest-home-loan-company-says-people-are-going-for-bigger-homes-thanks-to-the-lockdown/articleshow/80894790.cms">Business Insider in </a>February this year. This has helped real estate stocks sustain the rally seen over the last one month. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top five realty stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gains on Aug 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 30 days </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DLF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oberoi Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Properties </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indiabulls Real Estate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prestige Estates Projects </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26% </td></tr></tbody></table> India’s real estate sector has been in a limbo for a few years now. The pandemic made it worse and, despite steady cuts in benchmark interest rates by the Reserve Bank of India (RBI), the recovery has been slow, to put it mildly. According to latest data from property consultants at Anarock, over 1.74 lakh under-construction homes ⁠— estimated to be worth over ₹1.4 lakh crore (about $20 billion) are stuck across the top seven cities in India. These projects were launched before 2014 but have not been completed since. The total number of properties under construction in India exceeds 626,000. Even HDFC’s earnings statement noted that people preferred ready-to-move properties compared to those under construction. Many of those who have taken home loans are also struggling to repay. Individual non performing assets (NPAs) increased due to slippages after the impact of the second wave of the pandemic. <div type="image" title="HDFC chart 2" height="900" width="1200" msid="84971003" hostid="261"></div> However, the outlook for real estate stocks has been so bad that investors are craving for any amount of optimism. And, some of it has been available for those seeking it. Macrotech Developers, the owner of the Lodha brand of properties ⁠— one of the biggest developers in India ⁠— clocked a total sales booking of ₹957 crore in June quarter, of which ₹654 crore came in June. <div type="image" title="Macrotech developers chart" height="900" width="1200" msid="84971027" hostid="261"></div> "We expect the sector to outperform in coming years wherein companies like DLF, Oberoi Realty, Godrej Properties, Phoenix Mills, Brigade enterprises, Indiabulls Real Estate and Sobha, which collectively contribute 87% of Nifty Realty Index, are poised to generate above-average returns in years to come and should be considered as long-term investment bets in portfolios," broking firm <a href="https://www.business-standard.com/article/markets/realty-shares-in-demand-oberoi-prestige-estates-indiabulls-sobha-up-5-121080200316_1.html">ICICIdirect</a> recently said. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-news-birla-offers-to-give-up-his-27-stake-in-vodafone-idea/articleshow/84969189.cms">Birla offers to give up his 27% stake in Vodafone Idea to keep phones of 27 crore Indians ringing </a> <a href="https://www.businessinsider.in/stock-market/news/zomato-indigo-paints-bectors-food-ujjivan-small-finance-bank-and-other-hot-stocks-that-have-lost-steam-since-listing/articleshow/84964352.cms">Zomato, Indigo paints, bectors food, Ujjivan small finance bank and another hot stocks that have lost steam since listing </a>

India’s largest home loan provider HDFC has given real estate stocks another reason to rally

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s share price is up by over 3% on Monday morning after the financial institution declared its results on Saturday, July 18. </li><li>The bank reported a 20% jump in profits as compared to the same quarter last year. </li><li>Analysts expect HDFC Bank to bear through the impact of the coronavirus pandemic with more capital coming in and an in-house replacement of HDFC Bank’s current managing director, Aditya Puri. </li></ul>HDFC Bank’s share price is up more than 3% after it announced its earnings over the weekend. The jump in share price also comes after shareholders have approved the bank to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. <div type="image" title="hdfc bank stock price q1fy21 (1)" msid="77061440" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s stock price over the last three months&amp;lt;/p&amp;gt;"></div> The bank reported a 20% increase in profits on a yearly basis. However, provisions for bad loans and contingencies were up 49% as compared the same quarter last year bolstering for what may come when the Reserve Bank of India’s (RBI) moratorium comes to end in August. <div type="image" title="hdfc bank profit" msid="77061449" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s profits over the last five quarters&amp;lt;/p&amp;gt;"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total portfolio under moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customers who availed moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who have cleared dues since first moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who rolled from the first moratorium to the second </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr></tbody></table>Source:Motilal Oswal Securities Analysts believe that adequate capital addition and the likelihood of an internal successor to the post of Managing Director (MD) are indicators that HDFC Bank has enough of a cushion to bear through however the coronavirus pandemic plays out. “Overall performance of the bank should remain steady and we expect the bank to offset near-term pressure on other income via tight control over opex,” said Motilal Oswal Securities’ review of the bank’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time frame </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,320 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,280 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,136 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr></tbody></table> Banks, including HDFC Bank, are busy raising capital to cushion the impact of the coronavirus in the coming quarters. Shareholders of HDFC Bank have given their approval to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. The bank is also in the midst of appointing a successor for its managing director Aditya Puri. The three shortlisted names sent to the Reserve Bank of India include Sashidar Jagdishan, Kaizad Barucha and Sunil Garg. The former two are already executive directors at HDFC Bank Aditya Garg is the global chief executive officer (CEO) of Citi Commercial Bank. “CEO succession remains an important event in the near term and a key monitorable,” said Motilal Oswal Securities’ report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q1-earnings-bad-loans-and-moratorium/articleshow/77033494.cms">HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-earnings-expectation-from-q1fy21-results-on-july-18/articleshow/77013905.cms">HDFC Bank may see credit growth but its margins will continue to remain under pressure in Q1</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-loans-to-be-cheaper-as-interest-rates-get-slashed-by-0-2/articleshow/76830880.cms">HDFC Bank loans to be cheaper as interest rates get slashed by 0.2%</a>

HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

India’s second largest private lender and second most expensive bank globally, <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword> has pipped <keyword id="6357341" type="CITY" weightage="20" keywordseo="Deutsche-Bank">Deutsche Bank</keyword> to become more valuable, thanks to European financial stocks. 
 The mayhem at the European financial stocks made HDFC Bank more valuable than <keyword id="48085" type="CITY" weightage="20" keywordseo="Credit-Suisse">Credit Suisse</keyword>, SocGen in market capitalisation. 
 Also, <keyword id="6376194" type="CITY" weightage="20" keywordseo="Kotak-Mahindra">Kotak Mahindra</keyword> Bank emerged as one of most expensive banking stocks, globally. 
 
As per reports, HDFC Bank's market cap was half that of Deutsche's and presently, it is around double.

HDFC Bank, Kotak Mahindra pip European majors in market capitalisation! Here’s how

New Delhi, Jan 9 () Mortgage lender HDFC on Thursday said it has completed the acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore.
 HDFC bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore.
 On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich.
 "Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd," HDFC said in a regulatory filing on Thursday.
 The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India.
 Anuj Tyagi, Executive Director &amp; Chief Business Officer at HDFC ERGO General Insurance Company (HDFC ERGO General) has been appointed as the Managing Director and CEO of HDFC ERGO Health, subject to approval from Irdai.
 HDFC ERGO Health and HDFC ERGO General will shortly apply to the National Company Law Tribunal (NCLT) for their merger, HDFC said.
 Post merger, the resultant entity will be the second largest private insurer in accident and health segment in the country, it said.
 "We are committed to create value for all our stakeholders with the combined strength of the brand HDFC and expertise of Apollo Munich in health insurance," said HDFC Chairman Deepak Parekh.
 Shobana Kamineni, Chairperson of Apollo Munich and Vice Chairperson, Apollo Hospitals Enterprise exuded confidence that the company will become stronger under HDFC.
 Apollo Munich Managing Director Antony Jacob will move to Apollo Hospitals Group.
 "The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry.
 "Policy holders and channel partners will benefit from enhanced product suites, touch points and technology innovations," said Markus Rieb, Chairman, ERGO Group AG and board member of Munich Re.
 HDFC stock settled at Rs 1,270.80 on the BSE, up 1.09 per cent from the previous close. KPM KPM ANU
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HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

Prabhjote Gill

India’s largest home loan provider HDFC has given real estate stocks another reason to rally

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HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

Prabhjote Gill

HDFC Bank, Kotak Mahindra pip European majors in market capitalisation! Here’s how

BI India Bureau

HDFC completes majority acquisition in Apollo Munich

PTI

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