E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Tesla stock news: Elon Musk offloads shares worth $6.9 billion amid Twitter spat

August 10, 2022

Join Indian Army: Agniveer admit card, hall ticket for jobs recruitment exam released; Direct download link

August 10, 2022

International travellers ALERT! Airlines asked to share passengers’ information flying abroad – Check latest rule

August 10, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»HDFC Bank-HDFC merger update: Private sector bank says no need to pay off parent firm’s liabilities
Business

HDFC Bank-HDFC merger update: Private sector bank says no need to pay off parent firm’s liabilities

Paul EasterBy Paul EasterAugust 5, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


Liabilities of HDFC Ltd will be transferred to HDFC Bank upon their merger and there is no need to pay off such dues on the very first day of the merger, the lender said on Thursday. The country’s largest private sector bank by balance sheet size is set to merge its parent mortgage lender Housing Development Finance Corporation Ltd (HDFC Ltd) with itself. HDFC Bank said it has not approved any plans to raise funds to pay towards such liabilities of HDFC Ltd.

“As per the proposed composite scheme of amalgamation, the liabilities of HDFC Limited will be transferred to the bank and will be serviced and repaid by the bank as per the contracted maturity,” HDFC Bank said in a regulatory filing.

The bank is not required to pay off any amount of liability of HDFC Ltd on day one of the merger unless coincidentally any particular liability happens to mature on the same date.

HDFC Bank has already received in-principle approval from the Reserve Bank (RBI) for the merger with HDFC Ltd, among other approvals.

The parent-subsidiary merger is seen as the biggest transaction in India’s corporate history.

In April this year, HDFC Bank and HDFC Ltd announced the merger proposal in which the lender will take over the mortgage lender for about USD 40 billion in about 18 months.

The information provided by the lender comes as a clarification in response to a news report, which stated that HDFC Bank is required to raise over Rs 2.2 trillion in order to pay off HDFC Ltd’s liability when the merger between them comes to effect.

HDFC Bank said the news report is factually incorrect and speculative.
 





Source link

Paul Easter

Related Posts

Tesla stock news: Elon Musk offloads shares worth $6.9 billion amid Twitter spat

By Paul EasterAugust 10, 2022

Join Indian Army: Agniveer admit card, hall ticket for jobs recruitment exam released; Direct download link

By Paul EasterAugust 10, 2022

International travellers ALERT! Airlines asked to share passengers’ information flying abroad – Check latest rule

By Paul EasterAugust 10, 2022

Opening Bell: Sensex gains nearly 125 points, Nifty50 starts above 17,550 – Auto, FMCG, Pharma lead the surge

By Paul EasterAugust 10, 2022
Add A Comment

Comments are closed.

Our Picks

Tesla stock news: Elon Musk offloads shares worth $6.9 billion amid Twitter spat

By Paul EasterAugust 10, 2022

Join Indian Army: Agniveer admit card, hall ticket for jobs recruitment exam released; Direct download link

By Paul EasterAugust 10, 2022

International travellers ALERT! Airlines asked to share passengers’ information flying abroad – Check latest rule

By Paul EasterAugust 10, 2022
Recent Posts
  • Tesla stock news: Elon Musk offloads shares worth $6.9 billion amid Twitter spat August 10, 2022
  • Join Indian Army: Agniveer admit card, hall ticket for jobs recruitment exam released; Direct download link August 10, 2022
  • International travellers ALERT! Airlines asked to share passengers’ information flying abroad – Check latest rule August 10, 2022
  • Opening Bell: Sensex gains nearly 125 points, Nifty50 starts above 17,550 – Auto, FMCG, Pharma lead the surge August 10, 2022
  • This insurance company declares Rs 861 crore bonus for policyholders – Are you eligible? August 10, 2022
  • Asian shares slip ahead of crucial US inflation data August 10, 2022
  • Twitter outage: Micro-blogging platform hit by technical snag; company says ‘fixed it’ August 10, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.