Mumbai / New Delhi, 27 June (Hindustan Times). The merger of housing finance company HDFC Ltd with private sector HDFC Bank will be effective from July 1. The boards of directors of HDFC and HDFC Bank will meet on June 30 to approve the merger proposal.
HDFC Chairman Deepak Parekh said on Tuesday that the merger of HDFC with HDFC Bank will be effective from July 1. The combined assets of the new entity formed after this merger will be around Rs 18 lakh crore. Under this deal, every shareholder of HDFC will get 42 shares of HDFC Bank for every 25 shares held.
HDFC Vice Chairman and Chief Executive Officer (CEO) Keki Mistry said that the delisting of the company’s shares will be effective from July 13.
HDFC Bank had agreed to merge housing finance company HDFC Ltd with itself on April 4 last year. The merger deal is worth $40 billion. It has been termed as the biggest merger deal in the country’s corporate history. After this merger, a large financial services company of the country will be created.
