Possibly another 8–10 months until HDFC Bank and HDFC will merge. A meeting was held to obtain the shareholders' approval.
The merger of HDFC Bank and HDFC will be the first in the country's business history, but it could take another eight to ten months to complete. Deepak Parekh, the chairman of HDFC, has provided details on the merger in this regard. By September of the following year, HDCF Bank and HDFC Limited, its parent firm, should have completed their merger.
This is what the company said:
A general meeting has been scheduled for this Friday to ask shareholders for their consent, according to media sources on both HDFC and HDFC Bank. The largest merger in Indian corporate history—a $40 billion—has been addressed at this summit. Both businesses stated that the merger might take 12 to 18 months when it was first announced on April 4, 2022.
This is what happened in the meeting:
Sasidharan Jagadishan, the Chief Executive Officer (CEO) and Managing Director of HDFC Bank remarked during the meeting that it is wise to declare the effective date in light of previous practices and patterns. About eight to ten months will pass. He claimed that the merger will help raise the new entity's capital adequacy ratio by 0.20 to 0.30 per cent thanks to HDFC Limited's improved capital adequacy ratio. More than 3,500 HDFC employees will join the bank's 1.61 lakh staff members, according to Jagadishan, and all but a few of the 508 HDFC branches would be merged.
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Gautam Doshi, who has been selected by the National Company Law Tribunal, will preside over both meetings (NCLT). The NCLT would receive a copy of the vote results by Saturday night, according to Gautam.
What did the CEO of the company say?
Shareholders shouldn't be concerned, according to HDFC Chairman Deepak Parekh, who stated in the meeting that HDFC Bank is working on merging with the Reserve Bank of India (RBI). Parekh made it plain to the HDFC shareholders that Chakraborty will remain the chairman of HDFC Bank and that he would not be joining the board of directors due to age restrictions.
This is what HDFC Bank mentioned:
All of HDFC Bank's subsidiaries would become subsidiaries of the combined company, according to HDFC Bank Chairman Atanu Chakraborty. Some units, though, might not belong to the bank and will be disinvested. He stated that the RBI and the Insurance Regulatory and Development Authority of India (IRDAI) would need to approve the merging of subsidiaries.
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