Outcome of board meeting of Dewan Housing Finance Corporation

Held on 07 August 2015

Dewan Housing Finance Corporation announced that the Board of Directors of the Company at their meeting held on 07 August 2015, inter alia, has approved/granted no-objection to the following matters:

a. Pursuant to the necessary approvals received from Securities and Exchange Board of India and Competition Commission of India, the proposed joint venture is scheduled to be concluded on or around 11 August 2015, by way of acquisition of 50% (Fifty Percent) of the equity share capital of (i) Pramerica Asset Managers ("PAMC"), the asset management Company of Pramerica Mutual Fund ("PMF"); and (ii) Pramerica Trustees, the trustee for the PMF, from PGLH of Delaware Inc..

b. No objection to PAMC to acquire the Deutsche Bank's Asset Management business, since the combined business will enable PAMC to expand their investment management expertise, distribution platform and products portfolio significantly in India, which is subject to obtaining approval from the Securities and Exchange Board of India and the Competition Commission of India.

2. The Board, based on the recommendation of the Nomination & Remuneration Committee, approved the appointment of Dr. Rajiv Kumar, as an Additional Director (Independent Director) of the Company with effect from 07 August 2015.

Powered by Capital Market - Live News