INSUBCONTINENT EXCLUSIVE:
after this weekend and its business will be absorbed by HDFC Bank
for four decades.Parekh said shares of HDFC are expected to stop trading on July 13
As part of the merger, HDFC shareholders will receive 42 bank shares for every 25 shares held
Similarly, the applicable rates will continue until the loans are repaid
However, new loans and deposits will be subject to banking regulations.The amalgamation of the businesses, which was announced in April
Parekh (78) said he would hang his boots after the merger, although he is likely to work with HDFC Foundation
Also, all executives in HDFC who are over 60 would be retiring
This would include VC - CEO Keki Mistry and MD Renu Sud Karnad.The RBI has relaxed an earlier directive that barred education loan company
HDFC Credila from granting fresh loans once its ownership is transferred to HDFC Bank
The restrictions have now been relaxed to allow the institution to grant fresh loans until its sale to Barings Private Equity and
Gurugram, Pune and Bengaluru
After the merger, HDFC Bank has been given two years to sell HDFC schools which the bank will inherit from HDFC
One of the possibilities would be selling the schools to the existing management.The merger has been approved by the RBI, the National
Company Law Tribunal, markets regulator Sebi, insurance - pension regulators, the Competition Commission of India, and stock exchanges.
