Board Of Directors Of HDFC Ltd And Board Of Directors Of HDFC Bank Held A Meeting For Amalgated Shares

Latest reports have been coming in from the world of economy where Board of Directors of HDFC Ltd and Board of Directors of HDFC Bank held meeting for the all stock amalgamation of HDFC.

According to the reports Board of Directors of HDFC Ltd and Board of Directors of HDFC Bank at their respective meetings today approved an all-stock amalgamation of HFDC with HDFC Bank. 

Amalgamation is subject to approval of shareholders of HDFC and HDFC Bank respectively according to Deepak Parekh, Chairman, HDFC Ltd.

According to the reports only upon attaining all approvals by RBI, SEBI and such other regulatory approvals, the merger will become effective. 

HDFC will merge with HDFC Bank, shareholders of HDFC will receive shares of HDFC Bank in exchange of share in HDFC at approved share exchange ratio according to Deepak Parekh.

Shareholders of HDFC Ltd will receive 42 shares of Bank for 25 shares held in HDFC Ltd. Shares held by HDFC Ltd in Bank will be cancelled. 

Post-closing, HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC Ltd will own about 40% of Bank according to Deepak Parekh.