HDFC denies Deepak Parekh’s comments on effective date of July 1 for merger
1 year, 5 months ago

HDFC denies Deepak Parekh’s comments on effective date of July 1 for merger

Live Mint  

HDFC Bank-HDFC merger: NBFC giant HDFC on Tuesday clarified on media reports about the tentative dates for the completion of its merger with HDFC Bank. Many media reports took rounds referring to the press interaction of HDFC's chairman Deepak Parekh wherein the tentative effective date of the scheme was said as July 1, 2023, and the tentative 'record date' for determining the shareholders of HDFC who would be allotted equity shares of HDFC Bank as per the exchange ratio as July 13, 2023. To which, HDFC said, "We wish to clarify that both, HDFC Limited and HDFC Bank are working towards completing all the necessary formalities for completion of the Proposed Amalgamation as per the aforesaid tentative dates." However, the NBFC also added, "Please note that the above dates are tentative and are subject to completion of certain formalities including those which are beyond the control of HDFC Limited or HDFC Bank."

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