New Delhi: Housing finance company HDFC Limited is set to merge with private sector bank HDFC Bank. This has been cleared in a meeting of the boards of HDFC and HDFC Bank. The merger scheme is yet to get approval from other regulatory authorities, including the Reserve Bank of India (RBI), the securities and exchange board of India (SEBI) and CCI. With this report coming out, all the shares of HDFC Group saw a huge boom.
The stock of the country's largest private bank HDFC Bank rose 14.34 per cent to Rs 1,722.10 on the NSE during the day's trade. However, it later saw a slight profit recovery. However, even after this, at 12:04 pm, the stock was trading 8.44 per cent higher at Rs 1,633.10. The stock of the leading housing finance company rose 19.63 per cent to Rs 2,933.80 in early trade. At 12:08 pm, the company's shares were trading 9.22 per cent higher at Rs 2,666.20.
HDFC Life Insurance's stock rose 8.57 per cent from its previous session's closing level to Rs 597.55. However, it later saw a slight profit recovery and was trading at 571.90 points with a gain of 3.92 per cent at 12:12 pm.
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