New Delhi: 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.
- Meghalaya delegations meets Assam CM over setting up of BOPs
- Centre issues guidelines for MSOs to run platform services
- SC to consider listing Bilkis Bano’s plea against remission, release of 2002 rape, murder convicts
- Festivals like Manipur’s Sangai enrich country’s cultural heritage: PM
- Assam: Himanta distributes scooters to meritorious students
- Congress prez Kharge hits out at Modi govt for stopping scholarships for minority students