Hdfc Twins merger receives green light from Nse ​​& Bse stock exchanges


HDFC Limited has received the green light from both stock exchanges – NSE and BSE – for the proposed merger with HDFC Bank.

The two companies received “no adverse comments” and “no objections” from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), respectively.

“The program remains subject to various legal and regulatory approvals, including approvals from the Reserve Bank of India, the Competition Commission of India, the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the program. , as required,” HDFC and HDFC Bank said in a statement.

The observation letters, dated July 2, 2022, have a validity period of six months, during which the “regime” must be submitted to the National Company Law Tribunal (NCLT).

On April 4, the boards of HDFC and HDFC Bank approved a merger program, subject to required approvals.
In April, HDFC Bank Managing Director and CEO Sashidhar Jagdishan said, “The micro-enterprise sector is pulling from all directions. So the ability for us to organically get priority sector assets is much better than it was six years ago. On top of that, if this merger is approved and completed, we can somehow release the affordable housing product from our 50% strong distribution.”

Regarding liquidity, he had said: “I think both institutions have enough access, which could qualify for this. Still, of course, only at some point in the next 18 months, assuming that’s the length of time it will take for regulatory approvals to be obtained, will the two institutions grow , so the requirement could be greater.”

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First post: STI


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