Deepak Parekh, the chairman of HDFC, said on Tuesday that the merger of HDFC Bank and HDFC Ltd will take effect on July 1. According to Parekh, the boards of HDFC and the private bank will meet on June 30 to clear and accept the merger. According to Nuvama, LTIMindtree can replace HDFC Ltd in the Nifty50 index, according to a report on Zee Business. According to the article, LTIMindtree may join the index following the merger’s ex-date. The bourses might shortly make a formal declaration. The article added that the stock is anticipated to receive an inflow of between Rs 1,200 and Rs 1,300 crore as a result of its inclusion in the index.
Details on Merging of DFC with HDFC bank: LTIMindtree replace HDFC Ltd. on the Nifty50
According to Parekh, the boards of HDFC and the private bank will meet on June 30 to clear and accept the merger. On July 1, according to Parekh, the corporation and HDFC Bank would merge. Keki Mistry, vice chairman and CEO of HDFC, stated that the company’s stock delisting will take effect on July 13.
Once the agreement is in place, existing HDFC shareholders will own 41% of the bank, making public shareholders the sole owners of HDFC Bank. For every 25 HDFC shares a shareholder has, they will receive 42 HDFC Bank shares.
The largest corporate merger in Indian history, the $40 billion deal between HDFC Bank and the largest domestic mortgage lender on April 4 of last year resulted in the creation of a financial services behemoth. The aggregate asset base of the proposed business will be close to Rs 18 lakh crore.