As part of merger deal with HDFC Bank, HDFC had e-filed an application with NCLT in August last year for the merger of HPVL and HVCL with HACL..In April last year, HDFC and HDFC Bank s board approved a composite scheme of amalgamation where subsidiaries of HDFC will become subsidiaries of HDFC Bank.
In April this year, HDFC Bank agreed to take over HDFC, the biggest domestic mortgage lender. Once merged, the new entity will have a combined asset base of around Rs 18 lakh crore.
Analysts point out that the merger is weighing on sentiments of investors in HDFC Bank. In FY23 so far, shares of the bank have declined 2% compared to a 9% gain in the Nifty Bank index.
Private sector lender HDFC Bank said it might complete its planned merger with Housing Development Finance Corp. Ltd ahead of time by the first quarter of FY24 instead of the original target of the third quarter.