HDFC Bank Ltd. said that it received “no objection” from the Reserve Bank of India for merger with Housing Development Finance Corp. Ltd.
"RBI accorded its no objection to the scheme of arrangement, subject to certain conditions," the bank said in an exchange filing.
Earlier today, the bank said that it also received a no objection certificate from the stock exchanges on July 2.
India's largest private sector lender will take over HDFC in the biggest corporate merger valued at $40 billion. It will create a behemoth with a combined balance sheet of Rs 17.87 lakh crore and a net worth of Rs 3.3 lakh crore.
The merger remains subject to various statutory and regulatory approvals, including approvals from the Competition Commission of India, the National Company Law Tribunal, other authorities, as well as the shareholders and creditors of the companies, the filing said.
The management of HDFC Bank will continue to run the combined entity, while Sashidhar Jagdishan will remain the chief executive. Keki Mistry, who is currently vice chairman of HDFC, will stay in his role until the merger is complete.
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