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HDFC Gets nod from Exchanges for Transfer of NCDs
December 14, 2022
Mortgage lender HDFC Ltd on Tuesday said it has received approval from exchanges for transfer of non-convertible debentures (NCDs) to its subsidiary HDFC Bank. This is part of its plan to facilitate merger of HDFC Ltd with HDFC Bank.
\”We wish to inform you that BSE and NSE vide their letters dated December 13, 2022, granted their in-principle approval for the transfer of non-convertible debentures issued by HDFC Limited to HDFC Bank, in terms of Regulation 59 of the Listing Regulations, subject to sanctioning of the Scheme by the National Company Law Tribunal,\” a regulatory filing by HDFC Ltd said.
The Scheme remains subject to various statutory and regulatory approvals, as may be required, it said.
Touted as the biggest transaction in India\’s corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.
The proposed entity will have a combined asset base of around ₹18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.
\”We wish to inform you that BSE and NSE vide their letters dated December 13, 2022, granted their in-principle approval for the transfer of non-convertible debentures issued by HDFC Limited to HDFC Bank, in terms of Regulation 59 of the Listing Regulations, subject to sanctioning of the Scheme by the National Company Law Tribunal,\” a regulatory filing by HDFC Ltd said.
The Scheme remains subject to various statutory and regulatory approvals, as may be required, it said.
Touted as the biggest transaction in India\’s corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.
The proposed entity will have a combined asset base of around ₹18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.
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