HDFC Bank Ltd.

HDFC Bank has received observation letter with ‘no adverse observations’ from BSE (Bombay Stock Exchange) and observation letter with ‘no objection’ from the National Stock Exchange of India (NSE), both dated July 2, 2022 for merger proposal with HDFC. The scheme remains subject to various statutory and regulatory approvals inter alia including approvals from the Reserve Bank of India, Competition Commission of India, the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the scheme, as may be required.

Earlier, India's largest private lender HDFC Bank agreed to take over the biggest domestic mortgage lender HDFC in a deal valued at about $40 billion, creating a financial services titan. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals. Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.