According to Deepak Parekh, Chairman, HDFC Ltd., all regulatory approvals have been taken and the board of both entities will meet on June 30, after market hours to approve the merger.
Following the development, shares of HDFC on Thursday surged 0.31% to hit an intraday high of ₹2,770 apiece on the Bombay Stock Exchange.
HDFC says the proceeds would go towards financing affordable housing loans; facility priced at a margin of 90 bps over a secured overnight financing rate
Post the stake sale announcement, HDFC shares were trading higher after three days of consecutive falls. Its m-cap also rose to ₹3.9 lakh crore.
Shareholders of HDFC will receive 42 shares of HDFC Bank for 25 shares held in HDFC.
HDFC Ltd chairman Deepak Parekh in a webinar on Tuesday urged real estate developers to sell off their unsold inventory and focus on completing pending projects, rather than new launches.
HDFC Bank informed analysts in a management call that it had shortlisted global and internal candidates to take over from managing director Aditya Puri whose tenure ends in October.
