New Delhi: Housing finance major HDFC Ltd on Friday cleared the way for a merger with its subsidiary and largest private sector lender HDFC Bank. With the approval of the board of both the companies, this merger has been implemented from today i.e. from 1st July.
Information provided to the stock exchanges late yesterday evening said that the merger proposal was given final approval in a separate meeting of the board of directors of the two companies. “The scheme of merger will be effective from July 1,” HDFC Bank said while giving this information. Under this, HDFC Limited will be merged with HDFC Bank and HDFC Limited will cease to exist as an independent entity. The merger is the biggest deal in the country’s corporate world. Its size is 40 billion dollars.
HDFC Bank has agreed to merge the country’s largest housing finance company HDFC with itself on April 4, 2022. After this merger, HDFC Bank will become one of the largest financial services companies in the country, with total assets of over Rs 18 lakh crore. The weightage of the newly included company in the BSE index will be higher than that of Reliance Industries. Currently, Reliance’s weightage is 10.4 percent, but after the merger, HDFC Bank’s weightage will be closer to 14 percent. Under this deal, each shareholder of HDFC will get 42 shares of HDFC Bank on 25 shares.
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