RBI gives green signal to HDFC, HDFC Bank merger proposal
The Hindu
Earlier this week, the proposed merger got approval from both stock exchanges — BSE and NSE
HDFC Bank on July 4 said it has got banking sector regulator RBI's nod for the merger proposal of its parent HDFC Ltd with itself.
Touted as the biggest transaction in India's corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion, creating a financial services titan.
"HDFC Bank has received a letter dated July 04, 2022, from the Reserve Bank of India [RBI] whereby the RBI has accorded its 'no objection' for the Scheme, subject to certain conditions as mentioned therein," the bank said in a regulatory filing.
The HDFC Ltd.-HDFC Bank merger
The merger proposal remains subject to various statutory and regulatory approvals, including from the Competition Commission of India (CCI), National Company Law Tribunal (NCLT), other applicable authorities and the respective shareholders and creditors of the companies, it said.
Earlier this week, the proposed merger got approval from both stock exchanges — BSE and NSE.
The proposed entity will have a combined asset base of around ₹18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
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