National Stock Exchange, Bombay Stock Exchange Approve HDFC-Bank Merger Proposal

The National Stock Exchange and Bombay Stock Exchange have authorized the proposed merger of HDFC Bank and its parent company HDFC, stating that they have "no objection," bringing the transaction one step closer to completion. According to the terms of the agreement, HDFC Ltd owners would get 42 HDFC Bank shares for every 25 HDFC Ltd shares owned. Existing HDFC Ltd. stockholders will hold 41% of HDFC Bank.