 "HDFC Bank to buy stake in Griha, gets Singapore regulatory body's approval")
HDFC Ltd received approval from the Monetary Authority of Singapore for the acquisition of shares in Griha Pte by HDFC Bank, the company declared in an exchange filing on Monday.
Griha Pte is a wholly-owned subsidiary of HDFC Investments. The company’s ultimate holding corporation is HDFC Ltd.
The proposed agreement is subject to approval from the market regulator Sebi in respect of change in control of certain subsidiaries of HDFC Limited. After the acquisition, HDFC Bank will acquire directly or indirectly, 20 per cent or more of the issued share capital of Griha Pte.
Griha is a boutique private equity fund manager specialising in real estate private equity investments in India. The firm is registered with the Monetary Authority of Singapore as a fund management company.
HDFC Bank is one of the leading private banks in the country and was among the first to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in 1994.
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