26 C
Guwahati
Sunday, May 19, 2024

Merger of HDFC with HDFC Bank effective from July 1

- Advertisement -
- Advertisement -

 

MUMBAI, June 27 (PTI): The merger of housing finance major HDFC with the country’s largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said on Tuesday.       The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters here.

- Advertisement -

The merger of the corporation with HDFC Bank will be effective July 1, Parekh said.

HDFC vice-chairman and CEO Keki Mistry said that the stock delisting of the corporation will be effective from July 13.

Termed as the biggest transaction in India’s corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.

The proposed entity will have a combined asset base of around Rs 18 lakh crore.

- Advertisement -

Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.

Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

- Advertisement -
The Hills Times
The Hills Timeshttp://www.thehillstimes.in
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
5 Rice Dishes For Summers From South India Must Visiting Places In Northeast India 5 Lighthouses That You Must Visit In India Top 10 Medical Colleges In India Top 10 Places To Visit In Cherrapunji