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HDFC & HDFC Bank merger likely on 1 July
June 28, 2023
Housing Development Finance Corp. Ltd (HDFC) has tentatively scheduled its $40 billion mega-merger with HDFC Bank Ltd for 1 July, combining the country’s largest private sector lender with the nation’s top mortgage lender.
“We refer to some news reports of today referring to press interaction of the chairman of HDFC Ltd wherein inter alia the tentative effective date of the scheme as 1 July, and the tentative record date for determining the shareholders of HDFC Ltd, who would be allotted equity shares of HDFC Bank as per the share exchange ratio, as 13 July were given,” it said in a regulatory filing.
Earlier in the day, HDFC chairman Deepak Parekh told reporters that the merger would be effective on 1 July. News agency PTI quoted Parekh as saying that the boards of the mortgage lender and the bank will meet on 30 June to clear and approve the merger.
HDFC said in the statement on Tuesday that the two entities are working towards completing all the necessary formalities for the completion of the proposed merger as per the tentative dates. However, the dates are tentative and are subject to completion of certain formalities, including those beyond the control of either of the entities, it said.
“Once the board of directors of HDFC and HDFC Bank decide on the effective date of the scheme as well as the record date, the same would be intimated to stock exchanges in accordance with applicable regulations,” HDFC said.
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