RBI has directed HDFC Limited to bring down its stake in subsidiaries HDFC Ergo and HDFC Life to 50% or lower. HDFC currently holds 51.15% in HDFC Ergo Health and 50.48% in HDFC Ergo and based on the exchange ratio it will end up with 50.58% in the merged entity. The merger is still awaiting NCLT approval. RBI has also directed HDFC to bring down its stake in HDFC Life to 50% or lower from its existing 51.43%.