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In the biggest merger in corporate history, India's largest housing finance company HDFC Ltd will merge with the country's largest private lender HDFC Bank. The merger will not impact the employees of HDFC Ltd, said Deepak Parekh, Chairman, HDFC Ltd."The HDFC-HDFC Bank merger will not impact employees of HDFC Ltd," news agency PTI quoted Deepak Parekh.

Following the transformational merger, HDFC will own a41 per cent stake in HDFC Bank, according to HDFC Bank's filing with the stock exchanges.

As part of the deal, shareholders of HDFC Limited will receive 42 shares of HDFC Bank (face value of 1 each) for 25 shares of HDFC Limited (face value of 2 each).

The proposed merger is expected to be completed by thesecond or third quarter of the Financial Year 2024.

HDFC said the proposed transaction would enable HDFC Bank to facilitate a larger quantum of credit into the priority sector including agriculture, while also offering a faster origination, improved operational efficiency, and reduced default rates.

 

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