The National Company Law Tribunal on Friday, March 17, has reportedly approved the merger of HDFC and HDFC Bank. HDFC Ltd has already received approvals from Reserve Bank of India, the Securities and Exchange Board of India (Sebi), PFRDA and the Competition Commission of India (CCI) as well as from India's bourses - Bombay Stock Exchange and National Stock Exchange.
National Company Law Tribunal ( has also given approval for holding a shareholders’ meeting for obtaining approval for the proposed merger. The HDFC-HDFC Bank merger is expected to be completed by the second or third quarter of FY24..
Last year, in April, HDFC Bank announced that parent HDFC will merge with the bank to enable seamless delivery of home loans and leverage on the large base of over 68 million customers of HDFC Bank and inter alia improve the pace of credit growth in the economy. The proposed merger is to create a large balance sheet and net worth that would allow a greater flow of credit into the economy. It will also enable the underwriting of larger ticket loans, including infrastructure loans, an urgent need of the country, as per reports.
Under the scheme, HDFC shareholders will receive 42 shares of HDFC Bank having a face value of Re 1 each for 25 shares of HDFC having a face value of Rs 2 each. Further, HDFC shareholding in HDFC Bank will be extinguished as per the scheme of amalgamation. Post the merger, HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC will own 41% of the former.
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