- LATEST
- WEBSTORY
- TRENDING
PERSONAL FINANCE
HDFC Bank-HDFC merger comes into effect on July 1; check details
HDFC Bank-HDFC merger is finalized, and market capitalization soars with significant implications.
Updated : Jun 27, 2023, 07:06 PM IST | Edited by : Raunak Jain
 "HDFC Bank - HDFC Merger")
TRENDING NOW
)
Kanguva box office collection Day 3: Suriya, Bobby Deol's film shows slight growth after massive drop, earns Rs 42 crore
)
Meet star with no hit films, still earns Rs 5 lakh a month, is more famous than Aishwarya, Amitabh, Kareena, Ram Charan
)
Rashmika, Samantha, Nayanthara, Tamannaah: Meet top South actresses
)
Meet actress who worked as sweeper, did superhit film with Shah Rukh, took up acting after Madhuri Dixit..., earns Rs..
)
'I sort of...': Aishwarya Rai's 'enjoyed every phase and moved on' statement amid divorce rumours with Abhishek Bachchan
)
Shilpa Shetty breaks down, Salman Khan cancels shoot; celebs rush to Lilavati hospital after Baba Siddique shot dead
)
'What's the fuss about': Amid divorce rumours with Abhishek, Aishwarya Rai talks about losing weight in viral video
)
Mukesh Ambani's SUPERHIT offer for Jio users: Get unlimited validity for 84 days at just Rs...
)
Aryan Khan calls Shah Rukh Khan 'Ae Shawty', his cute tussle with dad before football match wins netizens: Viral video
)
India's highest paid actor charges Rs 300 crore for a film; more than Vijay, Shah Rukh, Prabhas, Rajini, Ranbir, Salman
)
'Miyan biwi toh...': Nikhil Dwivedi BREAKS silence on Abhishek Bachchan, Aishwarya Rai's behaviour amid divorce rumours
)
Amid Abhishek Bachchan and Aishwarya Rai divorce rumours, Jaya Bachchan surprises everyone with...
)
Allu Arjun gave Salman Khan, Shah Rukh Khan their biggest hits by rejecting films that together earned Rs 2000 crore
)
Redditors say Aishwarya Rai, Abhishek Bachchan's separation is 'confirmed' after she is absent from Amitabh Bachchan's..
)
Aishwarya Rai's most expensive possessions: Dubai mansion worth Rs.., 5BHK bungalow in Bandra, wedding saree worth Rs..
HDFC Bank and HDFC Merger: Effective from July 1, 2023, the merger of HDFC Bank and HDFC, announced by HDFC Group Chairman Deepak Parikh, will mark significant changes in the financial landscape. On July 13, the shares of housing finance company HDFC will be delisted from the Stock Exchange, and trading in HDFC shares will cease from July 14.
The final board meetings of both HDFC Bank and HDFC are scheduled for June 30, marking a significant milestone before the merger. Deepak Parikh stated that the board meeting, which will be held after the market closes on June 30, will approve the merger of the two financial institutions. HDFC Vice Chairman and CEO Keki Mistry mentioned that the effective date of HDFC shares' delisting will be July 13. As per the merger regulations, HDFC shareholders will receive 42 shares of HDFC Bank for every 25 shares they hold.
The merger of HDFC Bank and HDFC will position the new entity as the second-largest company in India in terms of market capitalization, following Reliance Industries. With a market cap of Rs 16,83,950 crore, Reliance Industries ranks first, while the combined market cap of HDFC Bank and HDFC places them in the second spot with Rs 14,45,958 crore, surpassing TCS.
Following the formal announcement of the merger, both HDFC Bank and HDFC have witnessed a remarkable surge in stock prices. HDFC Bank's stock is currently trading at Rs 1663, with a gain of 1.76%, while HDFC is trading at Rs 2771, reflecting a gain of 1.86%.
The merger will establish HDFC Bank as twice the size of ICICI Bank in terms of market capitalization, as ICICI Bank's market cap stands at Rs 6,52,555 crore. Additionally, the newly merged entity will be three times larger than SBI, the largest public sector bank, whose market cap is Rs 5.03 lakh crore.
Read more: Meet the professor, who built USD 224.88 billion e-commerce site, his net worth is...
