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HDFC and HDFC Bank have approved their merger, making it the world s fourth-largest bank by market value. Shareholders of HDFC as of July 13 will be eligible for HDFC Bank stock, with eligible shareholders receiving 42 new equity shares for every 25 held. Non-convertible debentures and commercial papers will also be transferred to HDFC Bank. The merger aims to strengthen the banks combined financial services ecosystem and facilitate greater credit flow into the economy, including infrastructure loans. All HDFC employees will become HDFC Bank employees, and the bank s subsidiaries will include various financial services entities.

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