HDFC and HDFC Bank announce mega merger; details here

Mega merger announced taking the street by complete surprise, HDFC board approved merger into the HDFC Bank. The financial giant will come together and overshadowing India's largest bank SBI.42 shares of HDFC Bank to be given for every 25 shares of HDFC.

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Speaking about the merger, Deepak Parekh, Chairman HDFC Limited, said, “This is a merger of equals. Over the last few years, various regulations for banks and NBFCs have been harmonised, thereby enabling the potential merger. Further, the resulting larger balance sheet would allow underwriting of large ticket infrastructure loans, accelerate the pace of credit growth in the economy.

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