In its final order, the NCLT sanctioned a composite scheme of amalgamation of HDFC Property Ventures and HDFC Venture Capital into HDFC Capital Advisors, HDFC said in an exchange filing.
The amalgamation will result in simplification, streamlining, and optimization of the group structure and efficient administration, the order said.
Source:- Mint
Early this week, the tribunal reserved the order for its approval of the HDFC and HDFC Bank merger after the parties sought 180 days more for the process.
HDFC has already received the required approvals from the Securities and Exchange Board, shareholders of HDFC and HDFC Bank, the Pension Fund Regulatory and Development Authority, and the Competition Commission of India.
Source: ET Now
This approval will help pave the way for the merger of HDFC into HDFC Bank expected to be finalized by the third quarter of the next financial year. The proposed entity will have a combined asset base of around Rs 18 lakh crore.
Once the deal is effective, HDFC Bank will be 100 percent owned by public shareholders, and existing shareholders of HDFC will own 41 percent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
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