According to information gathered by sources, the merger of HDFC Bank Ltd. and Housing Development Finance Corp. produces a lender that comes in fourth in terms of stock market capitalization, after JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd., and Bank of America Corp. It is estimated to be worth $172 billion.
With the merger taking effect on July 1, the new HDFC Bank business would have over 120 million clients, which is more than Germany’s whole population. Additionally, it will grow its branch network to more than 8,300 locations and boast a workforce of more than 177,000 people.
The end of Friday, June 30, 2023 (the end of the day before the Effective Date) is designated as Appointed Date 1 under the Scheme for the merger of HDFC Investments and HDFC Holdings with and into HDFC Limited. Thus, Saturday, July 1, 2023 (which is the same as Effective Date) will serve as Appointed Date 2 under the Scheme for the merger of HDFC Limited with and into HDFC Bank.
The following dates have been declared by HDFC as the Exchange notice was released on Friday, June 30:
Shares of HDFC Bank will be distributed to HDFC Limited shareholders on Thursday, July 13, 2023. The HDFC bank is named on the same day as the continuance of HDFC Limited’s warrents.
For the transfer of non-convertible debentures of HDFC Limited in the name of HDFC Bank on Wednesday, July 12, 2023. For the transfer of HDFC Limited’s commercial papers into HDFC Bank’s name, on Friday, July 7, 2023.
