HDFC zooms on getting nod to merge with HDFC Bank
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Housing Development Finance Corporation is currently trading at Rs. 2649.90, up by 198.95 points or 8.12% from its previous closing of Rs. 2450.95 on the BSE.
The scrip opened at Rs. 2550.00 and has touched a high and low of Rs. 2855.35 and Rs. 2550.00 respectively. So far 958871 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3021.10 on 15-Nov-2021 and a 52 week low of Rs. 2046.30 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 2855.35 and Rs. 2234.75 respectively. The current market cap of the company is Rs. 483117.64 crore.
The Institutions and Non-Institutions holding in the company stood at held 88.87% and 11.13% respectively.
Housing Development Finance Corporation (HDFC) has received approval from board of directors to merge with HDFC Bank. The scheme of amalgamation will be subject to various regulatory approvals, including from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi). Under the proposed deal, share exchange ratio will be 42 equity shares each of HDFC Bank for every 25 equity shares held in HDFC. The board of directors at its meeting held on April 04, 2022 has approved the same.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
