New Delhi: HDFC Chairman Deepak Paresh today addressed a press conference on the merger.Mortgage lender Housing Development Finance Corporation (HDFC) on April 4 said its board has approved merger of its wholly owned subsidiaries HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank Limited. HDFC will acquire 41 % stake
The country’s largest housing finance company HDFC Ltd will merge with the country’s largest private sector lender HDFC Bank, according to a regulatory filing.
The scheme of amalgamation will be subject to various regulatory approvals, including from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), HDFC Bank said in the filing on Monday.
Under the proposed deal, share exchange ratio will be 42 equity shares each of HDFC Bank for every 25 equity shares held in HDFC Ltd.
“After considering the recommendation and report of the Audit Committee and the Committee of Independent Directors, the Board of Directors of HDFC Bank, at its meeting held on April 4, 2022 approved a composite scheme of amalgamation HDFC Investments and HDFC Holdings, into and with Housing Development Finance Corporation Limited (HDFC Ltd); and HDFC Ltd into HDFC Bank, and their respective shareholders and creditors,” the filing said.
