HDFC and HDFC Bank: HDFC Bank merger gets another approval from SEBI, know what will be the effect on customers?

The merger of HDFC and HDFC Bank: The merger of HDFC Bank and HDFC Limited (HDFC Limited) is now taking place. Now in a new update, markets regulator SEBI has approved the change in control of HDFC Property Ventures Ltd, a subsidiary of HDFC Ltd. When HDFC Ltd. and HDFC Bank merge, there will be a change in control.

It is noteworthy that HDFC Bank and its parent company Housing Development Finance Corporation (HDFC Ltd) got approval from their respective boards in April for the proposed merger. HDFC Property Ventures Ltd., a subsidiary of HDFC Ltd., has received approval from the Securities and Exchange Board of India (SEBI) for a change of control, according to HDFC Ltd. in a notice to stock exchanges on Wednesday.

HDFC Bank has got the approval of the proposed merger from the Reserve Bank of India (RBI), before the financial services giant comes into existence. The application to unite the two financial organizations was authorized on July 16 by the Pension Fund Regulatory and Development Authority (PFRDA). Let us tell you that on April 4, it was decided to merge the country’s largest housing finance company HDFC Limited with HDFC Bank. Largest private sector bank. The $40 billion takeover deal will bring a major financial services company into existence. The firm will be created through the union of HDFC and HDFC Bank.

How much is a joint asset?
The planned unit’s total asset base would be close to Rs 18 lakh crore. The merger is scheduled to be completed by the second or third quarter of FY24, depending on regulatory approvals. Existing HDFC shareholders will control 41% of the bank once the agreement is in place, making public shareholders the sole owners of HDFC Bank.

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BSE has said
In its observation letter, ‘The company is advised to file a petition by SEBI or any other regulator against any entity, its directors/promoters and promoter group before NCLT. Disclose the details of all actions taken against him. In addition, every HDFC shareholder will receive 42 HDFC Bank shares for every 25 HDFC shares. In other words, it will also impact the clients.

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