Lawstreet Journal

HDFC Limited Merges With HDFC Bank: AZB, Argus, Singhi, Wadia Ghandy And Cravath Swaine Advise On Merger

Lawstreet Journal 5 Apr 2022 3:24am

Image courtesy: Lawstreet Journal Business HDFC Limited Merges With HDFC Bank: AZB, Argus, Singhi, Wadia Ghandy And Cravath Swaine Advise On Merger

Mortgage Lender HDFC's Board on April 4, 2022 approved the merger of its wholly owned subsidiaries HDFC Investments Limited and HDFC Holdings with HDFC Bank.

The Board of Directors of HDFC Limited and HDFC Bank Limited ("HDFC Bank") at their respective meetings held on April 4, 2022 approved a composite scheme of amalgamation ("Scheme") for the amalgamation of:

  1. HDFC Investments Limited and HDFC Holdings Limited, with and into HDFC Limited; and
  2. HDFC Limited with and into HDFC Bank, and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013[1] and other applicable laws including the rules and regulations ("Proposed Transaction").

 The Scheme and the Proposed Transaction is subject to customary closing conditions. 

  • The Scheme is subject to the receipt of requisite approvals from the Reserve Bank of India ("RBI"), Securities and Exchange Board of India ("SEBI"), the Competition Commission of India ("CCI"), the National Housing Bank ("NHB"), the Insurance Regulatory and Development Authority of India ("IRDAI"), the Pension Fund Regulatory and Development Authority ("PFRDA"), the National Company Law Tribunal ("NCLT"), BSE Limited, the National Stock Exchange of India Limited and other statutory and regulatory authorities, and the respective shareholders and creditors, under applicable law.

    The subsidiaries/associates of HDFC Limited will become subsidiaries/associates of HDFC Bank once the Scheme takes effect.
  • Shareholders of HDFC Limited as of the record date will receive 42 HDFC Bank shares (each with a face value of Rs.1) in exchange for 25 HDFC Limited shares (each with a… Continue Reading...

    Tagged: HDFC Bank  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com