HDFC Bank held its extraordinary general body meeting or EGM in Mumbai today, to get approval from its shareholder for its merger with Centurion Bank Of Punjab. the share holder poll has been conducted. Results will be out tomorrow but HDFC Bank is confident that it will get a positive response from its shareholders. , MD of told CNBC TV 18 that he is also confident of getting approval from the RBI.
It is a bit premature to say anything, but I would say, if your question is, are we happy with the way things are moving? Well, things are moving exceedingly well. We are very happy. I think employees on both sides are happy. And I think the merger will be beneficial for everybody." he said
HDFC Bank's main promoter HDFC, which holds a 21% stake in the bank, will have to pump in Rs 4,000 crore to maintain its stake at the current level after receiving RBI approval. HDFC will put in 10% or Rs 400 crore through a warrant issue and the remaining amount will be put in tranches.
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