Categories: Banking

The merger of HDFC Bank and HDFC Ltd has been announced

The Boards of Directors of HDFC Ltd. and HDFC Bank Ltd. approved a composite scheme for the amalgamation of HDFC Investments Ltd. and HDFC Holdings Ltd with and into HDFC Ltd; and HDFC Ltd with and into HDFC Bank, as well as their respective shareholders and creditors. As a result, when the scheme takes effect, public shareholders would control 100% of HDFC Bank, while existing HDFC Ltd. shareholders will own 41%.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

KEY POINTS:

  • Closing conditions for the Scheme and the Proposed Transaction are standard. Multiple approvals are required for the programme to be implemented.
  • The subsidiaries/associates of HDFC Ltd. shall become subsidiaries/associates of HDFC Bank once the scheme takes effect.
  • Shareholders of HDFC Ltd. as of the record date will receive 42 HDFC Bank shares (each with a face value of 1) in exchange for 25 HDFC Ltd. shares (each with a face value of 2), and HDFC Ltd.’s equity share(s) in HDFC Bank would be extinguished as per the scheme.

Find More Banking News Here

Madhavi Gaur

Recent Posts

Where is Keoladeo National Park Located?

Keoladeo National Park is a famous natural haven known for its rich biodiversity and vibrant…

11 hours ago

Who Presides over the Lok Sabha Meetings?

The Lok Sabha is the lower house of India's Parliament, where important discussions and decisions…

12 hours ago

New Appointment Process for India’s Election Commissioners

The appointment procedure for India's Chief Election Commissioner (CEC) and Election Commissioners (ECs) has undergone…

13 hours ago

Top-5 Plum Producing States of India, Know Their Names

Plums are sweet and juicy fruits loved by many people in India. They are not…

13 hours ago

APAAR ID Registration, Full Form, Benefits, and Download

What Is APAAR ID? The Ministry of Education and Government of India has initiated the…

13 hours ago

Difference Between Metallic Minerals and Non-Metallic Minerals

Minerals are natural substances found in the Earth, and they are essential for various human…

14 hours ago