Both the companies have set July 13 as the "record date" to swap HDFC's shares with HDFC Bank's stock for its shareholders, HDFC and HDFC Bank said in separate exchange filings on Friday.
With the share swap, HDFC Bank will become one of the world's top 10 banks in terms of market capitalisation, as per Refinitiv data.
After the merger, HDFC Bank has no identified promoter.
With the merger, HDFC Bank's total loan book will be over 22 trillion rupees, behind only that of State Bank of India (SBI.NS), the country’s largest lender.
Both the entities have set July 12 as a record date for transfer of non-convertible debentures of HDFC in the name of HDFC Bank.
Persons:
Sashidhar Jagdishan, HDFC's Keki Mistry, Siddhi Nayak, Jose Joseph, Shilpi Majumdar, Maju Samuel
Organizations:
Housing Development Finance Corp, HDFC Bank, HDFC, State Bank of India, Reuters, Siddhi, Thomson
Locations:
Renu, India, HDFC