HDFC Ltd Receives Observation Letters from BSE, NSE for Proposed Merger
HDFC Limited has received Letters of Observation with “no adverse comments” from BSE and with “no objection” from the National Stock Exchange (NSE) for the proposed merger of HDFC Investments and HDFC Holdings with HDFC Ltd as well that of HDFC Ltd with and in HDFC Bank.
“The (merger) program remains subject to various legal and regulatory approvals, including approvals from the Competition Commission of India, the Reserve Bank of India, the National Company Law Tribunal (NCLT) and shareholders and creditors. respective companies,” HDFC Ltd said in a stock market filing on Saturday.
The validity of BSE and NSE observation letters is six months from the date of the letter, within which the scheme must be submitted to the NCLT. Both letters are dated July 2, 2022. The boards of HDFC and HDFC Bank had, on April 4, approved a merger plan, subject to required approvals.
The boards of HDFC Investments and HDFC Holdings have also approved the merger of their respective companies with and into HDFC Ltd. “The merger is expected to be completed within 12 to 15 months,” HDFC Chairman Deepak Parekh said.
July 03, 2022