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The HDFC-HDFC Bank merger has been granted approval by the National Company Law Tribunal (NCLT). The Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA) have given their in-principle approval to the merger. Shareholders have also given their nod to the transaction. In addition, the merger has been cleared by the stock exchanges and the competition commission.
On April 4, HDFC Bank agreed to acquire the largest domestic mortgage lender in a deal worth approximately USD 40 billion, which is being considered as the biggest transaction in India’s corporate history. This merger will result in the creation of a financial services powerhouse with a combined asset base of around Rs 18 lakh crore. The transaction is expected to be finalised in the second or third quarter of FY24, subject to obtaining regulatory approvals.
