HDFC and HDFC Bank Merger Set to Take Effect on July 1 - Reports"
On June 30, both HDFC and HDFC Bank will convene separate board meetings.
Jun 27, 2023, 16:37 IST
New Delhi: According to a report from CNBC-TV18 on Tuesday, the merger between Housing Development Finance Corporation (HDFC) and HDFC Bank is scheduled to take effect on July 1. Deepak Parekh, the Chairman of HDFC, stated that this would be HDFC's final board meeting, and its shares would be delisted from the market starting from July 13.
Scheduled for June 30, both HDFC and HDFC Bank have planned separate board meetings. Notably, in April of the previous year, HDFC had made a significant announcement of a $40 billion merger deal with HDFC Bank. This historic deal, considered the largest ever in the country, aims to establish a formidable financial services powerhouse capable of capitalizing on the increasing credit demands. As a result, this merger holds immense potential for both companies to leverage their strengths and meet the evolving market needs.
Scheduled for June 30, both HDFC and HDFC Bank have planned separate board meetings. Notably, in April of the previous year, HDFC had made a significant announcement of a $40 billion merger deal with HDFC Bank. This historic deal, considered the largest ever in the country, aims to establish a formidable financial services powerhouse capable of capitalizing on the increasing credit demands. As a result, this merger holds immense potential for both companies to leverage their strengths and meet the evolving market needs.