HDFC-HDFC Bank Merger: According to regulatory filings, HDFC Limited, India’s largest housing finance company, is going to merge with HDFC Bank, which is the largest private sector company in the country. There is a big bank.
According to the information given by HDFC Bank to the stock exchange, through this merger, HDFC Limited will acquire 41 percent stake in HDFC Bank.
Soon after the announcement, Sandeep Parekh, an independent director on the board of HDFC Bank, also tweeted a picture of the board of directors of both HDFC and HDFC Bank. He wrote in it, ‘Memorable moment.’
In the photo are HDFC Ltd Chairman Deepak Parekh, HDFC Bank’s part-time non-executive chairman, Atanu Chakraborty and the bank’s board members Sunita Maheshwari, Lilly Vadera, Sandeep Parekh and other officials. On behalf of HDFC Limited, apart from Deepak Parekh, board member Nasir Munji and other officials were also present.
One for the ages. pic.twitter.com/UganB6pz4A
— Sandeep Parekh (@SandeepParekh) April 4, 2022
‘It’s an equal merger’
Deepak Parekh, Chairman, HDFC Ltd. said, “This is an equal merger. We believe that the housing finance business will grow rapidly due to government initiatives like implementation of RERA, infrastructure status of the housing sector, affordable homes for all. headed towards.”
HDFC Vice-Chairman and CEO Keki Mistry also agreed with Parekh. “This merger will make HDFC Bank a bigger lender by global standards. This will create more space for FII holdings in HDFC Bank,” he said.
There was a flood of memes on the Internet due to the lack of news about the merger of HDFC and HDFC Bank.
The HDFC-HDFC Bank merger is expected to be completed by the second or third quarter of FY2024. HDFC said the proposed transaction will help HDFC Bank build its housing loan portfolio and grow its existing customers.
After the merger of HDFC with HDFC Bank, the new company that will emerge will be the most powerful in the Indian banking industry.
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