HDFC twins dart up after Parekh says merger expected to be complete by July 1

HDFC and HDFC Bank announced the decision to merge on April 4, 2022. As per the plan, HDFC will acquire a 41 percent stake in HDFC Bank through the merger.

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Shares of HDFC and HDFC Bank jumped by up to 1.49 percent in late afternoon trade on June 27 after HDFC chairman Deepak Parekh said the merger between the two firms is expected to be completed by July 1. HDFC was trading 1.49 percent up at Rs 2,760, while HDFC Bank was quoting 1.30 percent higher at Rs 1,656.60 at 14.48 pm on BSE.

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The merger between the country’s largest private sector bank HDFC Bank and mortgage lender HDFC Ltd is expected to be completed by July 1, Parekh said on June 27.

“The merger is expected to be complete by July 1. Both HDFC Bank and HDFC Ltd will have separate board meetings on June 30,” said Parekh.

He also said that all approvals are in place. “HDFC Ltd shares will be unlisted by July 13,” he added.

HDFC and HDFC Bank announced the decision to merge on April 4, 2022. As per the plan, HDFC will acquire a 41 percent stake in HDFC Bank through the merger.

Once the deal comes into force, HDFC Bank will be 100 percent owned by public shareholders. With the parent finally joining up with the bank, the resultant entity will emerge as a powerhouse in the Indian banking industry.

HDFC expects to get regulatory approvals for the sale of its education loan subsidiary HDFC Credila within a month, Parekh added. “We need the regulatory approval for Credila’s sale from the Competition Commission of India (CCI). We hope to get the approval in 15 days to one month,” he said.

HDFC Ltd has signed definitive documents for the proposed disinvestment/sale of approximately 90 percent stake in HDFC Credila to a consortium of private equity firms BPEA EQT and ChrysCapital for around Rs 9,060 crore, the lender said in a disclosure to the exchanges on June 20.

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