HDFC-HDFC Bank proposed merger receives green signal from stock exchanges

4 Jul 2022 , 09:33 AM

According to a regulatory filing by HDFC, the stock exchanges received the email on Saturday.

According to the filing, HDFC Limited has obtained observation letters with “no adverse observations” from BSE Limited and “no objection” from the National Stock Exchange of India Limited, both dated July 2, 2022.

The statement said that the amalgamation plan is still awaiting permission from a number of statutory and regulatory bodies, including the Reserve Bank of India, the National Company Law Tribunal, the Competition Commission of India, and the respective shareholders and creditors of the companies.

The statement said that the amalgamation plan is still awaiting permission from a number of statutory and regulatory bodies, including the Reserve Bank of India, the National Company Law Tribunal, the Competition Commission of India, and the respective shareholders and creditors of the companies.

According to the agreement, stockholders of HDFC Ltd. would receive 42 shares of HDFC Bank in exchange for their 25 shares. Existing HDFC Ltd. stockholders will hold 41% of HDFC Bank.

Shares of HDFC Bank completed the day at Rs. 1,355, up 0.5%, while those of HDFC closed at Rs. 2,205, up 1.6%.