NEW DELHI: The proposal of merger of HDFC with its banking subsidiary HDFC Bank, the biggest transaction in India’s corporate history, has got approval from stock exchanges.
Both HDFC and HDFC Bank have got no-objection from both stock exchanges.
HDFC Bank has received observation letter with ‘no adverse observations’ from BSE Limited and observation letter with ‘no objection’ from the National Stock Exchange of India Limited, both dated July 2, 2022, HDFC Bank said in a filing.
“The scheme remains subject to various statutory and regulatory approvals inter alia including approvals from the Reserve Bank of India, Competition Commission of India, the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the scheme, as may be required,” it said.
Earlier on April 4, India’s largest private lender HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.
The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. (AGENCIES)
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