NCLT approves merger of HDFC and HDFC Bank

National Company Law Tribunal (NCLT) on Friday has approved the merger of Housing Development Finance Corporation (HDFC) and HDFC Bank Ltd.

HDFC had already received the required approvals from the Reserve Bank of India (RBI), the Securities and Exchange Board of India (Sebi), shareholders of HDFC and HDFC Bank, the Pension Fund Regulatory and Development Authority (PFRDA) and the Competition Commission of India (CCI).

In addition to this, the company had also received a no objection certificate (NOC) from both stock exchanges.

The HDFC-HDFC Bank merger, which was announced on April 4, 2022, is dubbed one of the largest mergers in India's corporate history. The merger, in terms of market capitalisation, is set to create the third largest company in the country, with the amalgamated entity estimated to have a combined asset base of around Rs 18 lakh crore.

After the complete deal and merger, existing shareholders of HDFC will own 41 per cent of the HDFC bank.