HDFC-HDFC Bank Merger: The merger of HDFC Bank and HDFC Limited will be effective from 1 July. At the same time, from July 13, HDFC shares will be traded as HDFC Bank shares.
The merger of HDFC and HDFC Bank (HDFC-HDFC Bank Merger) will become effective from July 1. HDFC Chairman Deepak Parekh said today that after getting approval from the regulators, there will be a meeting of the Board of Directors (Board of Directors) of HDFC and HDFC on June 30 to move forward on the decision related to the merger (HDFC-HDFC Bank Merger). Parekh said that on June 30, the last meeting of the board of HDFC would be held.
From July 13, HDFC shares will be trading as HDFC Bank shares.
RBI had given some regulatory relief to HDFC Bank in April to smoothen the process of this merger.
This is one of the biggest mergers in the history of the Indian corporate world so far. The merger of these two financial institutions is unprecedented as a bank of $168 billion will be formed with this merger. The effect of this merger will be seen on lakhs of customers and shareholders.
HDFC Bank will allot 42 new shares for every 25 shares held in HDFC Bank. The mortgage lender said that while fixing the record date, it will ensure that there is no gap between the suspension of HDFC shares and the allotment of HDFC Bank shares to the 740,000 shareholders.
There was a boom in the shares
After the announcement of the date of merger, there was a jump in the shares of both HDFC Bank and HDFC Limited. HDFC Bank Share Price was trading at a level of Rs 1,660.05 with a gain of 1.50 per cent at 2:55 pm. The stock of HDFC Bank has gained more than 22 per cent in the last one year.
Similarly, HDFC Share Price was trading at a level of Rs 2,764.75 with a gain of 1.63 per cent. HDFC stock has gained more than 26 per cent in the last one year.
