HDFC housing loan merger with HDFC Bank, board approved
Business
oi – Ankur Singh
New Delhi, April 04. Country’s leading private bank HDFC has announced the merger of its housing finance with HDFC. The board has approved the merger of home loan provider Housing Development Finance Corporation with HDFC Bank. HDFC Housing merged with HDFC Bank with effect from April 4 following the board’s approval. It is believed that this merger will be completed by the second or third quarter of FY 2024. It has been said on behalf of HDFC that after this merger, HDFC Bank itself will prepare the housing loan portfolio and increase the number of customers. HDFC Chairman Deepak Parekh said that this is a merger of equals, we believe that the housing business will grow further in the coming times.
The board of directors of HDFC Bank, while approving the merger of HDFC Home Loan and HDFC, said that the process of merger can be completed by the third-fourth quarter of FY 2024. After this announcement, HDFC Bank’s shares rose up to 7.50 per cent at 9.30 am and reached 1619.20. With this, the total market value of HDFC Bank reached 897933.99 crores. On the other hand, if we talk about the share of HDFC, it has seen a jump of 9.27 percent and the shares reached 2678.20. The total market value of HDFC has reached Rs 485564.27 crore.
Talking about HDFC, its total assets are 623420.03 crores while its total turnover is Rs 35681.74 crores. At the same time, its total net worth is 115400.48 crores as of 31 December 2021. On the other hand, if we talk about HDFC Bank, its total assets are 1938285.95 crores, its turnover is 116177.23 crores. Its net worth as on 31st December 2021 is 223394.00 crores.
