HDFC Bank announced BOD approval of amalgamation scheme

HDFC Bank announced that the board of directors of HDFC Bank has approved the Scheme underSections 230 to 232 of the Companies Act, 2013 (“Companies Act”), the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and other rules and regulations framed thereunder, subject to receipt of various statutory and regulatory approvals, in an exchange filing.

The BOD approved Proposed composite scheme of amalgamation for the amalgamation of: (i) HDFC Investments Limited and HDFC Holdings Limited, wholly-owned subsidiaries of Housing Development Finance Corporation Limited (“HDFC Limited”), with and into HDFC Limited; and (ii) HDFC Limited with and into HDFC Bank Limited (“HDFC Bank”) (“Proposed Amalgamation”).

The Bank has also informed that Financial Services Commission, Mauritius has granted its approval for the proposed transfer of shares of Griha Investments, a wholly-owned subsidiary of HDFC Holdings Limited and a foreign step-down subsidiary of HDFC Limited, from HDFC Holdings Limited to HDFC Bank as a result of the Proposed Amalgamation.

The bank released the statement with reference to earlier letters, wherein they informed about the receipt of no-objection/ approval letters including from stock exchanges, Reserve Bank of India, Securities and Exchange Board of India, Pension Fund Regulatory and Development Authority and the Competition Commission of India.

The Scheme remains subject to certain statutory and regulatory approvals, as may be required.