Housing Development Finance Corporation (HDFC) has received an in-principle approval from BSE and NSE for the transfer of additional NCDs (non-convertible debentures) issued by the company post receipt of the earlier approval on December 13, 2022, to HDFC Bank, as part of the amalgamation process.
The proposed amalgamation is subject to receipt of final approvals from the Securities and Exchange Board of India (Sebi) in respect of change in control of certain subsidiaries of HDFC. This approval will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of this financial year.
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.
