HDFC to merge in HDFC Bank.
HDFC at its meeting held today i.e. April 4, 2022, has inter alia approved a composite scheme of amalgamation for the amalgamation of: (i) HDFC Investments Limited and HDFC Holdings Limited, wholly-owned subsidiaries of the Corporation, with and into the Corporation and (ii) the Corporation with and into HDFC Bank Limited ("HDFC Bank"), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013, the Companies Rules, 2016 and other rules and regulations framed thereunder.
The share exchange ratio for the amalgamation of the Corporation with and into HDFC Bank shall be 42 equity shares (credited as fully paid up) of face value of Re. 1 (Rupee One) each of HDFC Bank for every 25 fully paid up equity shares of face value of Rs. 2 (Rupees Two) each of the Corporation.