HDFC Merger: Good news for crores of customers, biggest update on the merger of HDFC, know when will the merger happen?

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HDFC and HDFC Bank Merger: There has been a big update regarding the merger of HDFC. Now housing loan lender HDFC Ltd has got approval from National Housing Bank (NHB) for a merger with its subsidiary. The company has given this information in the information sent to the stock exchange. According to this information, NHB has also approved the merger of two subsidiaries of HDFC with HDFC Investments and HDFC Holdings Limited. It is worth noting that earlier HDFC Limited received approval from the Reserve Bank of India, Securities, and Exchange Board of India, and Stock Exchanges (NSE and BSE) on the proposed merger with HDFC Bank. That is, now the path of the merger has become more clear.

Approval is mandatory here

There is still some approval left for the merger. This merger plan is still subject to the approval of various statutory and regulatory bodies including the Competition Commission of India, NCLT, and the respective shareholders and creditors of both the companies only after obtaining approval from all these locations. Let us tell you that this is going to be the biggest transaction in the corporate history of the country. The stock exchanges have approved the proposal for the merger of HDFC with HDFC Bank. It is worth noting that HDFC and HDFC Bank have not received any objection from both the indices of the stock market. That is, now HDFC and HDFC Bank will merge.

Bank gave information

HDFC Bank said it has received an observation letter from BSE Limited “without any adverse comments” and an observation letter with “no objection” from the National Stock Exchange of India Limited. That is, now the way has been cleared for the merger of HDFC and HDFC Bank.

RBI approved

Not only this, the RBI has also approved the proposal of the merger of HDFC with HDFC Bank. Actually, RBI had this proposal long back.

$40 billion deal

Significantly, earlier on April 4, the country’s largest housing finance company HDFC Ltd decided to merge with HDFC Bank, the largest private sector bank. Let us inform you that a significant firm in the financial services industry will be created as a result of this acquisition deal, valued at roughly $ 40 billion. The merger of HDFC and HDFC Bank will result in the establishment of the company.
How much is a joint asset?

Read More: DA Hike: Staff bat-bat! The government increased DA by 3%, know how much salary will increase now?

The planned unit’s total asset base would be close to Rs 18 lakh crore. The merger is scheduled to be completed by the second or third quarter of FY24, depending on regulatory approvals. Existing HDFC shareholders will control 41% of the bank once the agreement is in place, making public shareholders the sole owners of HDFC Bank.

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