Q1FY23 Financial Results
HDFC
WITH YOU, RIGHT THROUGH
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MATERIAL DEVELOPMENTS
Proposed Transformational Combination of HDFC with HDFC Bank
On April 4, 2022, the Board of Directors of HDFC and HDFC Bank at their respective meetings, approved a composite scheme
of amalgamation (Scheme) for:
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The amalgamation of HDFC's wholly owned subsidiaries, HDFC Investments Limited and HDFC Holdings Limited, with
and into HDFC; and
HDFC with and into HDFC Bank
Subsidiaries/associates of HDFC Limited will become subsidiaries/associates of HDFC Bank
• Shareholders of HDFC as on the record date will receive 42 shares of HDFC Bank (FV Re. 1 each) for 25 shares of HDFC (FV Rs. 2
each)
⚫ HDFC's shareholding in HDFC Bank will be extinguished upon the Scheme becoming effective
Post the above, HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC will own 41% of
HDFC Bank
⚫ Till date, the stock exchanges (NSE & BSE), Pension Fund Regulatory and Development Authority and RBI have accorded "no
objection" for the above scheme
• The merger proposal is subject to various statutory and regulatory approvals, including from the Competition Commission of
India, National Company Law Tribunal, other applicable authorities and the respective shareholders and creditors
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