NSE, BSE approve transfer of NCDs from HDFC to HDFC Bank

27 Apr 2023 , 10:50 AM

BSE and NSE in vide letters to HDFC and HDFC Bank dated April 26, 2023,  have granted their approval for the transfer of additional NCDs (non-convertible debentures) issued by HDFC Limited post receipt of the earlier approval on December 13, 2022, to HDFC Bank .

This amalgamation is termed as the biggest transaction in India’s corporate history. HDFC Bank has agreed last year on April 4 to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion.

The proposed amalgamation is yet to receive final approval from SEBI for change in control of certain subsidiaries of HDFC Limited, it added.

Post merger, the entity will have a combined asset base of around Rs 18 lakh crore. Post deal, the HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC will own 41% of the bank. After the merger, every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they own.