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Housing Development Finance Corporation (HDFC) announced its merger with its subsidiary HDFC Bank. After the completion of the deal, existing shareholders of HDFC Ltd would own how much per cent of HDFC Bank?

Housing Development Finance Corporation (HDFC) announced its merger with its subsidiary HDFC Bank. After the completion of the deal, existing shareholders of HDFC Ltd would own how much per cent of HDFC Bank? Correct Answer 41

The correct answer is 41%.

Key Points

  • Housing Development Finance Corporation (HDFC) announced its merger with its subsidiary HDFC Bank.
  • HDFC Bank's board has approved the amalgamation of HDFC Investments and HDFC Holdings with HDFC and that of HDFC into HDFC Bank.
  • Shareholders of HDFC Ltd will receive 42 shares of the bank for 25 shares held.
  • After the completion of the deal, existing shareholders of HDFC Ltd will own 41% of HDFC Bank.

Important Points

  • The merger is subject to approvals from:
    • Reserve Bank of India (RBI)
    • Securities and Exchange Board of India (SEBI)
    • Competition Commission of India
    • National Housing Bank (NHB)
    • Insurance Regulatory and Development Authority of India
    • Pension Fund Regulatory and Development Authority
    • National Company Law Tribunal
    • Stock exchanges and other statutory and regulatory authorities
    • Respective shareholders and creditors, under applicable law
  • HDFC Bank:
    • Headquarters - Mumbai.
    • Founded In: August 1994.

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