SEBI today approved the proposed change in control of HDFC AMC. The approval is likely to facilitate the merger of HDFC with HDFC Bank. The deal is expected to be finalized by the third quarter of the next financial year.
HDFC Bank on Wednesday said that market regulator Securities and Exchange Board of India (Sebi) has given final approval to the proposed change in control of HDFC Asset Management Company (AMC). The approval will help pave the way for the merger of HDFC with HDFC Bank, which is expected to be finalized by the third quarter of the next financial year.
SEBI approved
The bank in its stock exchange filing said SEBI vide its letter dated May 10, 2023 to HDFC Asset Management Company Ltd, a subsidiary of HDFC Ltd and the investment manager of HDFC AMC AIF II, has approved the proposed change in control of private sector HDFC AMC. has given its final approval for
Biggest deal in corporate history
HDFC Bank on April 4 last year agreed to take over the largest domestic mortgage lender in a deal valued at nearly USD 40 billion, creating a financial services titan that would go down in history as the biggest transaction in India’s corporate history. is known in
Will get 42 shares for 25 shares
The bank said that they will have a combined asset base of about Rs 18 lakh crore. Apart from this, HDFC said that after the deal is done, HDFC Bank will be 100 percent owned by public shareholders, and the existing shareholders of HDFC will own 41 percent of the bank. HDFC Bank said that every shareholder of HDFC will get 42 shares of HDFC Bank for every 25 shares held by him.
