HDFC Bank’s board of directors authorized the merger of HDFC Investments and HDFC Holdings with HDFC and HDFC into HDFC Bank on Monday, heralding the establishment of a banking behemoth. In the amalgamation of HDFC and HDFC Bank, 42 HDFC Bank shares would be exchanged for every 25 HDFC shares. HDFC Bank would be 100% managed by public shareholders, with current HDFC stockholders owning 41% of the company.
Earlier today, HDFC Bank’s stock rose 7.50 percent to Rs 1619.20, valuing the company at Rs 8,97,933.99 crore. HDFC, simultaneously, rose 9.27% to Rs 2678.20, valuing the company at Rs 4,85,564.27 crore.
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