CURRENT AFFAIRS

2021

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

CCI has approved the acquisition of the stake in HDFC ERGO General Insurance Company by HDFC Bank. What percent of the stake will be acquired by the bank in the insurance firm?

A	5.22%
B	3.55%
C	5.11%
D	4.99%

Explanation:

Detailed explanation-1: -Synopsis. Fair trade regulator CCI on Monday approved HDFC Bank’s acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company.

Detailed explanation-2: -Termed as the biggest transaction in India’s corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.

Detailed explanation-3: -(i) HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG, a Germany-based company that is part of the Munich R Group. HDFC holds 51 percent, and ERGO the other 49 percent.

Detailed explanation-4: -HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The company offers complete range of general insurance products in retail, corporate and rural sectors.

There is 1 question to complete.