The proposed merger of HDFC with its banking subsidiary HDFC Bank has got a green signal from stock exchanges.
According to a regulatory filing by HDFC, “It has obtained observation letters with “no adverse observations” from BSE Limited and “no objection” from the National Stock Exchange of India Limited on 2 July.”
With a joint asset base of around Rs 18 lakh crore, the proposed entity the merger will be the biggest transaction in India’s corporate history.
According to reports, the merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
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According to the agreement, stockholders of HDFC would receive 42 per cent shares of HDFC Bank in exchange for their 25 per cent shares. Existing HDFC stockholders will hold 41 per cent of HDFC Bank.
