Keki Mistry will retire as the non-executive director of HDFC Asset Management Co., according to an exchange filing on Tuesday.
Mistry, who is also the chief executive officer of Housing Development Finance Corp. Ltd., is liable to retire by rotation and is eligible for reappointment at the upcoming annual general meeting of HDFC AMC on June 26. However, he has "expressed his desire not to get re-appointed".
In an interview with BQ Prime in 2022, Mistry had hinted on his desire to retire after the merger of HDFC Bank Ltd. and HDFC.
The change in proposal will make way for the proposed merger of the bank and the mortgage entity in a deal valued at about $40 billion.
On May 10, SEBI granted the final approval to HDFC Bank for the proposed change in control of HDFC AMC, a subsidiary of HDFC.
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