The board of the housing finance company HDFC Ltd has approved the merger of the firm with HDFC Bank, India’s leading private sector bank.
The board of directors of HDFC, at a meeting held on April 4, approved a composite scheme for the amalgamation of HDFC Investments and HDFC Holdings, with the HDFC, and, the HDFC with the HDFC Bank, under Sections 230 to 232 of the Companies Act, 2013, the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, and other rules and regulations.
The share exchange ratio for the amalgamation of the HDFC with HDFC Bank shall be 42 equity shares (credited as fully paid up) of the face value of Re 1 each of HDFC Bank for every 25 fully paid-up equity shares of the face value of Rs 2 each of the HDFC.
The Board of directors of HDFC has also approved the execution of an implementation agreement between HDFC and HDFC Bank.
