HDFC-HDFC Bank mega merger to be effective July 1, Jul 13 fixed as record date
The merger of HDFC Investments and HDFC Holdings into HDFC is effective on Friday. Commercial papers of HDFC Ltd will be transferred to HDFC Bank from July 7. Shareholders of HDFC will receive 42 new HDFC Bank shares for every 25 shares held. The merger is expected to create the world's fourth-largest lender with a market cap of $172 billion.
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