HDFC-HDFC Bank merger effective from July 1, says chairman Deepak Parekh

Parekh said that the boards of HDFC Bank and HDFC will meet on June 30 post-market hours to clear and approve the merger.

“June 30 will be the last board meeting of HDFC,” Parekh said.

After the announcement, HDFC shares jumped 1.50 per cent, and were trading at Rs 2,760, and HDFC Bank jumped 1.30 per cent to trade at Rs 1,656.40 on BSE.

The biggest transaction in the country’s corporate history, HDFC Bank last year on April 4 agreed to take over the mortgage lender. The merger deal has been valued at around $400 billion.

After the merger, the proposed entity will have a combined asset base of around Rs 18 lakh crore. HDFC Bank, after the merger is completed, will be 100 per cent owned by public shareholders, and existing shareholders of the mortgage lender will own 41 per cent of the private lender.

Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

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