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

Subscribe to Updates

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

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
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

By August 5, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

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.
 



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

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