Housing Development Finance Corporation Ltd (HDFC) has authorised a composite scheme of amalgamation for the amalgamation of HDFC Investments Ltd and HDFC Holdings Ltd, wholly-owned subsidiaries of the Corporation, with and into the Corporation and the Corporation with and into HDFC Bank and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013, the Companies.
The Scheme is concern to the receipt of needful approvals from the RBI, Securities and Exchange Board of India, the Competition Commission of India, the National Housing Bank, the Insurance and Regulatory and Development Authority, the Pension Fund Regulatory and Development Authority, the National Company Law Tribunal, BSE Limited and the National Stock Exchange of India Limited and different statutory and regulatory authorities, and the respective shareholders and creditors.
The share change ratio for the amalgamation of the Corporation with and into HDFC Bank shall be 42 equity shares (credited as completely paid up) of face cost of Re. 1 every of HDFC Bank for every 25 completely paid up equity stocks of face value of Rs. 2 each of the Corporation.
The Board of Directors of the Corporation has also authorised the execution of an implementation settlement between the Corporation and HDFC Bank.
The meeting changed into hung on April 04, 2022.
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