India's HDFC, HDFC Bank merger to be effective July 1 - CNBC-TV18 (updated)

Housing Development Finance

27/06/2023 10:41

(Adds details in paragraphs 2&3, background in paragraph 4)
       BENGALURU, June 27 (Reuters) - The merger between
Housing Development Finance Corporation (HDFC)  HDFC.NS  and
HDFC Bank  HDBK.NS  will be effective on July 1, CNBC-TV18
reported on Tuesday, citing HDFC Chairman Deepak Parekh.
    It will be the last board meeting of HDFC, and its shares
will go off the market, effective July 13, the report quotes 
Parekh as saying. 
        Both companies will have separate board meetings on June
30.
  
        HDFC had, in April last year, announced a 
    $40 billion deal
     to merge with HDFC Bank, the country's biggest ever, which
will create a financial services titan to better tap the rising
demand for credit.
  

 (Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza
and Dhanya Ann Thoppil)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))