HDFC Chairman Deepak Parekh with HDFC vice-chairman and CEO Keki Mistry throughout a press convention in Mumbai on June 27, 2023.
| Photo Credit: Lalatendu Mishra
The merger of housing finance main HDFC with the nation’s largest personal lender HDFC Bank might be effective from July 1, HDFC Chairman Deepak Parekh stated on June 27. The boards of HDFC and the personal financial institution will meet on June 30 submit to clear and approve the merger, Mr. Parekh instructed reporters in Mumbai.
The merger of the company with HDFC Bank might be effective July 1, Mr. Parekh stated.
HDFC vice-chairman and CEO Keki Mistry stated that the inventory delisting of the company might be effective from July 13.
Termed as the largest transaction in India’s company historical past, HDFC Bank on April 4 final 12 months agreed to take over the largest home mortgage lender in a deal valued at about $40 billion, making a monetary providers titan.
The proposed entity could have a mixed asset base of round ₹18 lakh crore.
Once the deal is effective, HDFC Bank might be 100% owned by public shareholders, and present shareholders of HDFC will personal 41% of the financial institution.
Every HDFC shareholder will get 42 shares of HDFC Bank for each 25 shares they maintain.
