India's HDFC Bank hits all-time high after merger with HDFC

Housing Development Finance

03/07/2023 06:25

** Shares of HDFC Bank  HDBK.NS  rise as much as 3.3% to a
record 1,757.50
    ** Boards of Housing Development Finance Corp  HDFC.NS  and
HDFC Bank on Friday approved July 1 as the effective date of 
$40 billion merger of financial behemoths 
    ** Both the companies set July 13 as the record date to swap
HDFC's shares with HDFC Bank's stock 
    ** HDFC shareholders will receive 42 shares of HDFC Bank for
every 25 shares held
    ** HDFC Bank will become one of the world's top 10 banks in
terms of market capitalisation, as per Refinitiv data
    ** HDFC shares up 2.3% 
    ** HDBK up 6.5% YTD vs 5.1% gain in bank Nifty index
 .NSEBANK  and 6.7% gains in benchmark Nifty index  .NSEI 
    

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))