HDFC Ltd merges with HDFC Bank, law tribunal provides approval
Ten News Network
New Delhi (India), 17th March 2023: The merger of HDFC and HDFC Bank, which is thought to be the largest merger in corporate history, was authorized by the National Company Law Tribunal (NCLT) on March 17.
To create a banking behemoth, India’s largest housing finance firm HDFC Ltd. will combine with its biggest private lender HDFC Bank.
The Reserve Bank of India, the Securities and Exchange Board of India (Sebi), the PFRDA, the Competition Commission of India (CCI), as well as the Indian stock exchanges BSE and NSE, had already granted permission to HDFC Ltd.
A shareholders’ meeting could be held to get shareholders’ approval for the planned merger, the tribunal had previously approved.
In the meantime, during today’s late trading hours on the BSE, shares of HDFC Ltd. and HDFC Bank were trading over 1.7 percent higher at Rs. 2,575.95 and Rs. 1,578.20 per share, respectively.