New Delhi
Private lender HDFC Bank on Sunday said it got no adverse observations from the stock exchanges on the proposed merger with HDFC.
We would like to inform you that HDFC Bank has received observation letter with ‘no adverse observations’ from BSE Limited and observation letter with ‘no objection’ from the National Stock Exchange of India Limited, both dated July 2, 2022, the lender said in a stock exchange filing.
The merger, which was announced in early April, requires a series of approvals from financial sector regulators including RBI and CCI before it goes to National Company Law Tribunal and shareholders, the lender said.
The Scheme remains subject to various statutory and regulatory approvals inter alia including approvals from the Reserve Bank of India, Competition Commission of India, the National Company Law Tribunal and the
respective shareholders and creditors of the companies involved in the Scheme, as may be required, HDFC Bank further said.
The merger is expected to be completed in about 15 to 18 months.
In fiscal year ended March 2022, HDFC Bank reported nearly 19 per cent growth in its net profit at Rs 36,961 crore. Its balance sheet grew by 18.4 per cent to Rs 20,68,535 crore.
On the asset quality front, bank’s gross non-performing assets stood at 1.17 per cent of the gross advances as of March 31, 2022.
