HDFC Chairman Deepak Parekh resigns ahead of HDFC-HDFC Bank merger, effective from July 1
The top business executive had previously stated that after 46 years with the Corporation, June 30 would be his last working day.
Parekh said it is time for him to hang his boots and expressed hope for an exciting future and prosperity.
"It is my time to hang my boots with both anticipations and hopes for the future. While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity," he said.
The Mega HDFC-HDFC Bank Merger
Termed as the biggest transaction in the history of India Inc, HDFC Bank on April 4, 2022, agreed to take over its parent, which is the largest pure-play mortgage lender, in a USD 40-billion all-stock deal, creating a financial services titan with a combined asset of over Rs 18 lakh crore.
The combined shares of the HDFC twins will have the highest weighting on the indices at close to 14 per cent, much higher than the present index heavyweight Reliance Industries with a 10.4 per cent weightage.
Post merger, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.