Big news for HDFC Bank customers. If your account is also in this bank, it is very important for you to know this news. Actually, the date of merger of HDFC Bank and HDFC Ltd has been revealed. It will become effective next month from July 1, 2023. The announcement was made on Tuesday by HDFC Group Chairman Deepak Parekh.
Stock delisting will be effective from July 13
HDFC Group Chairman Deepak Parekh said that the boards of HDFC Bank and HDFC will meet after market close on June 30 to approve the merger. According to Group Vice-Chairman and CEO Keki Mistry, HDFC Stock Delisting will be effective from July 13, 2023. This means that the shares of the group’s housing finance firm will be delisted from the stock exchange on July 13.
Boards of both companies will meet on June 30
After the merger of HDFC Bank and HDFC Limited, HDFC Bank will become the 5th most valuable bank in the world. As of April 2023, HDFC Bank was ranked 11th in terms of market cap in the world. According to a Business Today report, Deepak Parikh, chairman of HDFC said that the boards of both the companies will meet on June 30 during post market hours and the merger will be sealed.
Public shareholders will hold 100% stake
HDFC Bank had agreed to acquire HDFC Limited on April 4, 2022 last year. This deal is worth about 40 billion dollars. The combined asset base of the proposed unit will be around Rs 18 lakh crore. After this, 100 percent stake in HDFC Bank will be owned by public shareholders and existing shareholders of HDFC will hold 41 percent stake in the bank. Every shareholder of HDFC Limited will get 42 shares of HDFC Bank for every 25 shares they hold.