HDFC Shareholders Allotted Over 311 Crore Shares Of HDFC Bank

HDFC Bank Ltd. has allotted over 311 crore fresh equity shares of HDFC Ltd. to its shareholders who held the stock on the merger's record date of July 13.

The allotted equity shares will be listed on the stock exchanges and will be on equal footing with existing shares of HDFC Bank, according to an exchange filing by the lender on Friday.

Following the allotment, the paid-up share capital of HDFC Bank will increase from Rs 559.17 crore to Rs 753.75 crore, following the cancellation of promoter holding of 116.4 crore equity shares.

HDFC Bank has also approved the continuation of 1.47 crore warrants issued by HDFC in the name of HDFC Bank—as the successor to the issuer HDFC. The terms and conditions of the warrants shall stay the same, except for the conversion of warrant into equity shares, which shall be as per share exchange ratio, the filing said.

HDFC Bank and HDFC's merger became effective starting July 1. The merger, originally announced in April 2022, has created an entity with a loan book worth over Rs 22.4 lakh crore, according to provisional figures.

Following the merger, HDFC Bank has also become a publicly owned company.

Shares of HDFC Bank closed 0.27% up at Rs 1,645.6 apiece, as compared with a 0.35% rise in the Nifty Bank index.