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Business News/ Companies / News/  HDFC merger: BSE, NSE approve transfer of NCDs from HDFC Ltd to HDFC Bank

Paving way for India's biggest ever corporate transaction for the merger of HDFC into HDFC bank, stock exchanges BSE and NSE approved the the transfer of NCDs from the mortgage firm to HDFC, said the firm on Wednesday.

The two stock exchanes granted their in-principle approval for the transfer of additional non-convertible debentures (NCD) issued by HDFC Limited post receipt of the earlier approval on December 13, 2022, to HDFC Bank.

Now, the proposed amalgamation needs the final approval from the Securities and Exchange Board of India (Sebi), in respect of change in control of certain subsidiaries of HDFC Limited, the latter said.

Notably, the giant merger of HDFC into HDFC bank is expected to be finalised by October-December quarter of the current financial year. A year ago in April, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. This will lead to the rise of another financial services titan in the country.

Post merger, the entity will have a combined asset base of around 18 lakh crore. After the finalisation of the deal, HDFC Bank will be owned by 100 per cent public shareholders and existing shareholders of HDFC will own 41 per cent of the bank. After the merger, every HDFC shareholder wiill get 42 shares of HDFC Bank for every 25 shares they own.

Days ago, HDFC Bank received approval from Monetary Authority of Singapore for merger of HDFC Investments and HDFC Holdings with parent HDFC Ltd. Its wholly-owned subsidiary, Griha Pte, which is also a foreign step-down subsidiary of HDFC Limited, received approval for the merger with HDFC Bank.

(With inputs from PTI)

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Updated: 27 Apr 2023, 07:47 AM IST
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