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Proposed HDFC-Bank merger receives stock exchange clearance

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New Delhi: The proposed merger of HDFC Bank and its parent company HDFC is another step towards its merger as the proposal has been accepted by the National Stock Exchange and Bombay Stock Exchange, while noting that they have “no objections”.

The exchanges received correspondence from the exchanges on Saturday, HDFC said in a regulatory filing. “In this regard, we would like to inform you that HDFC Limited has received a Observation Letter with ‘No Adverse Observations’ from BSE Limited and a Observation Letter with ‘No Objections’ from the National Stock Exchange of India Limited, all two dated July 2, 2022,” the filing reads.

However, the merger program remains subject to various legal and regulatory approvals, including approvals from the Indian Competition Commission, the Reserve Bank of India, the National Company Law Tribunal and the respective shareholders and creditors of the companies, adds the case.

In early April, the country’s largest private sector lender, HDFC Bank, announced that it would merge with mortgage lender Housing Development Finance Corporation (HDFC).

Under the terms of the agreement, shareholders of HDFC Ltd will receive 42 shares of HDFC Bank for every 25 shares held. The current shareholders of HDFC Ltd will own 41% of HDFC Bank.

On Friday, shares of HDFC Bank closed at Rs 1,355, up 0.5%, while those of HDFC at Rs 2,205, up 1.6%.

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