At their respective meetings on Monday, the Boards of Directors of HDFC Ltd. and HDFC Bank Ltd. approved a composite scheme for the amalgamation of HDFC Investments Ltd. and HDFC Holdings Ltd. into HDFC Ltd and HDFC Ltd into HDFC Bank, as well as their respective shareholders and creditors.
The Scheme and the Proposed Transaction are both subject to standard closing conditions. The scheme is subject to a number of regulatory approvals.
When the scheme goes into effect, HDFC Ltd.’s subsidiaries will become subsidiaries of HDFC Bank.
Shareholders of HDFC Ltd. as of the record date will receive 42 HDFC Bank shares (each with a face value of 1) in exchange for 25 HDFC Ltd. shares (each with a face value of 2), and the equity share(s) held by HDFC Ltd. in HDFC Bank will be extinguished under the scheme.
As a result, upon the scheme’s implementation, HDFC Bank will be 100% owned by public shareholders, with existing HDFC Ltd. shareholders owning 41% of HDFC Bank.
On Monday, the Boards of Directors of HDFC Ltd. and HDFC Bank Ltd. approved a composite scheme for the amalgamation of HDFC Investments Ltd. and HDFC Holdings Ltd. with and into HDFC Ltd and HDFC Ltd with and into HDFC Bank, as well as their respective shareholders and creditors.
Both the Scheme and the Proposed Transaction are subject to standard closing conditions. The scheme is subject to a number of regulatory approvals.
When the scheme goes into effect, HDFC Ltd.’s subsidiaries will become subsidiaries of HDFC Bank.
