HDFC-HDFC Bank merger Approval
HDFC-HDFC Bank merger – On Tuesday, HDFC announced that BSE and NSE had given its in-principle permission for its merger with HDFC Bank. HDFC stated in a filing with the exchange that the BSE and NSE had given their in-principle approval for the transfer of non-convertible debentures issued by HDFC Limited to HDFC Bank in letters dated December 13, 2022.
Related Articles
HDFC requested approval from BSE and NSE for the merger with HDFC Bank in an application dated December 5.
HDFC-HDFC Bank merger
The BSE expressed its “pleasure to grant its in-principle approval under Regulation 59 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015” in a letter to HDFC today.
The exchange also stated that it reserved the right to revoke its clearance at a later time if the data it was given turned out to be inaccurate, deceptive, false, or in any other way against the regulations.
The largest domestic mortgage lender, HDFC, and HDFC Bank reached an agreement in April of this year to merge. After the merger, the combined asset base of the new company will be close to Rs 18 lakh crore. Before the second or third quarter of FY24, the merger is anticipated to be finished.
BSE and NSE issued no-objection certificates for the proposed merger in July.
Following the merger, existing HDFC shareholders would own 41% of the bank, making public shareholders the sole owners of HDFC Bank. For every 25 HDFC shares owned, each shareholder will receive 42 HDFC Bank shares.
The post HDFC-HDFC Bank merger: BSE, NSE give in-principle approval appeared first on IndiaFrontline.
