Shares of HDFC Bank and HDFC zoomed 10 per cent each in early trade after the announcement. (Photo: @vimsicle)Housing finance company HDFC Ltd on Monday announced its merger with private sector lender HDFC Bank. Shares of both the companies skyrocketed after the merger announcement, triggering a meme fest on social media. The hashtag '#hdfcbank' has been trending on Twitter since the announcement.
"Shareholders of HDFC Limited as on the record date will receive 42 shares of HDFC Bank (each of face value of Re 1), for 25 shares held in HDFC Limited (each of face value of Rs 2), and the equity share(s) held by HDFC Limited in HDFC Bank will be extinguished as per the scheme. As a result of this, upon the scheme becoming effective, HDFC Bank will be 100 per cent owned by public shareholders and existing shareholders of HDFC Limited will own 41 per cent of HDFC Bank," the companies announced.
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