HDFC & HDFC Bank merger gets thumbs up from BSE, NSE

The two entities are expected to merge into one soon

Here are the details

Background

HDFC and HDFC Bank have been running as separate entities

In April 2022, the companies had announced a merger

The merger was to be conducted post approval from all bodies

What has happened?

Both companies are listed on Indian stock exchanges

Both exchanges - BSE and NSE - have given NOC to the deal

The approvals came on July 02

Consequences

This will take the merger one step forward, subject to approvals

The merger will still have to be approved by other bodies

These include RBI, CCI, NCLT, and company shareholders

The merger in numbers

The merger is valued at $40 billion, biggest ever in India

Existing HDFC shareholders will own 41% of HDFC Bank shares

The merged entity will be India's 2nd largest bank after SBI

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