Housing Development Finance Corporation (HDFC) has received approval from Reserve Bank of India (RBI) for acquiring up to 9.9 per cent stake in Bandhan Bank upon the effective date of scheme of amalgamation following the Gruh Finance deal. The scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders of Gruh Finance and Bandhan Bank.
The Gruh Finance deal will reduce stake of Bandhan Financial Holdings in Bandhan Bank to about 61 per cent from the current 82 per cent. The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
