Thread by @scroll_in

#hdfcmerger | Housing finance company #HDFC Limited announces merger with #hdfcbank

Following the announcement, shares of the two entities witnessed a sharp rise of between 8-9% each on key equity indices. scroll.in/latest/1021058

#hdfcmerger | As per the proposed deal, HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC will own 41% of the bank.

Each shareholder will get 42 shares of HDFC Bank for every 25 shares of HDFC scroll.in/latest/1021058

In a press conference, #HDFC chairperson Deepak Parekh termed the deal a merger of equals.

“After 45 years in housing finance, we have to find a home for ourselves which we found in our own family company HDFC Bank.” scroll.in/latest/1021058

#hdfcmerger | Following the announcement, shares of the two entities witnessed a sharp rise of between 8-9% each on key equity indices.

scroll.in/latest/1021058/

#hdfcmerger | At 1.30 pm, shares of HDFC Bank gained Rs 133 or 8.88% to touch a high of Rs 1,640 on the Sensex pack. scroll.in/latest/1021058/

Meanwhile, shares of HDFC Limited saw an increase of Rs 226 or 9.25% and was trading at Rs 2,674.