© Reuters. FILE PHOTO: Customers read a notice pasted outside a closed HDFC bank in Kolkata, India, November 9, 2016. REUTERS/Rupak De Chowdhuri
BENGALURU (Reuters) – India’s largest private lender HDFC Bank will merge with housing finance firm HDFC Ltd, the companies said on Monday.
As part of the deal, shareholders of HDFC Ltd will receive 42 shares of the bank for 25 shares held. Existing shareholders of HDFC Ltd will own 41% of HDFC Bank.
Shares held by the housing finance company in the lender will be extinguished, making HDFC Bank a full-fledged public company.
The subsidiaries and associates of HDFC Ltd will shift to HDFC Bank, the companies said in a regulatory filing.
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