Private sector lender HDFC Bank on Friday (July 14) said the company has allocated over 311 crore new shares of the bank to shareholders of the merged entity HDFC Ltd.
The share allotment was done in accordance with the share exchange ratio provided in the composite scheme of amalgamation, the lender said in an exchange filing.
As per the scheme announced during the merger, existing shareholders of HDFC Ltd will receive 42 shares of HDFC Bank for every 25 shares they hold. Since the merger is complete now, HDFC Ltd shareholders will hold 41 percent of HDFC Bank.
"...today HDFC Bank has allotted 3,11,03,96,492 new equity shares of Re 1 each of HDFC Bank in accordance with the share exchange ratio provided in the scheme, to/for such eligible shareholders of HDFC Limited who were holding shares as on the record date," the lender said in a regulatory filing.
"Accordingly, the paid-up share capital of the bank will increase from Rs 559.17 crore consisting of 5,59,17,98,806 equity shares of Re 1 each to Rs 753.75 crore consisting of 7,53,75,69,464 equity shares of Re 1 each post cancellation of promoter holding of 1,16,46,25,834 equity shares," the bank said.
Housing finance major HDFC merged with its subsidiary HDFC Bank on July 1 and created the fourth largest lender in terms of equity market capitalisation. The proposed entity will have a combined asset base of around Rs 18 lakh crore.
Shares of HDFC Bank ended at Rs 1,645.20, up by Rs 3.90, or 0.24 percent on the BSE.
First Published: Jul 14, 2023 5:57 PM IST
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