HDFC-HDFC Bank Merger Gets Shareholders' Approval

Shareholders of HDFC and HDFC Bank have given their nod for the merger of both the entities, the company said in a letter to the National Company Law Tribunal (NCLT).

The merger has been approved by shareholders with an overwhelming majority and no objections were received, the counsel of the companies informed NCLT.

The merger had already got the nod from the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Pension Fund Regulatory and Development Authority (PFRDA) and the Competition Commission of India (CCI).

The companies have also received a no objection certificate (NOC) from both the stock exchanges.

On 4 April, 2022, HDFC and HDFC Bank had announced their merger and dubbed it as one of the largest mergers in India’s corporate history.

After the complete deal and merger, existing shareholders of HDFC will own 41 percent of the HDFC bank.