HDFC Bank has successfully completed its merger with its parent company HDFC, becoming the largest merger between a private sector bank and an NBFC. The merger will take effect from July 1, 2023, and will result in the delisting of HDFC from exchanges.
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HDFC chairman Deepak Parekh on Friday exuded confidence that the synergies between HDFC Bank and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday.
As chairman of HDFC Ltd, Parekh in the last message to the shareholders said home loans will now be complemented with HDFC Bank s core strengths its sales engine, execution capabilities at scale and deep insights on consumer behaviour.
The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1.
FTSE indices are expected to rename HDFC as HDFC Bank and maintain its current free float shares in the indexes after the merger. MSCI will continue with the half factor for the combined entity, resulting in passive trackers having to sell around $150-200 million. FTSE may also include HDFC Bank shares in its index if there is sufficient liquidity and no foreign ownership restrictions. Despite the merger being the largest in India s corporate history, the impact is expected to be minimal due to the size of the merged entity.
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