The country’s main national competition regulator, the ICC or Competition Commission of India, has given the green light to the merger of HDFC Bank and its parent entity HDFC Ltd.
The proposed merger is firstly the merger of HDFC Holdings and HDFC Investments with HDFC Ltd and later the merger of HDFC and HDFC Bank.
CCI tweeted on Friday that it had given the green light to “the proposed merger involving the merger of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings”.
Upon completion of the merger, the liabilities of HFC (HDFC) will be transferred to HDFC Bank.
The RBI Apex Banker has issued a NOC or No Objection Certificate for the proposed merger of HDFC and HDFC Bank. In addition, SEBI has given the go-ahead in principle for the merger scheme of several companies in the HDFC group.
After the merger, HDFC will take possession of 41% of the capital of HDFC Bank. In addition, all of the housing finance major’s subsidiaries will be acquired by HDFC Bank. The merger exercise will take approximately 12 to 18 months to complete
Strategic corporate developments or transactions exceeding a specified limit require the green light from the regulator as it monitors unfair business practices in the market.
At the start of FY23, the largest HFC-HDFC announced that it would merge with HDFC Bank.
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Article first published: Saturday, August 13, 2022, 9:21 p.m. [IST]