Hours after HDFC chairman Deepak Parekh spelled out the key dates for HDFC mega merger, the company in an exchange filing said that the dates are 'tentative'.
"We wish to clarify that both, HDFC Limited and HDFC Bank are working towards completing all the necessary formalities for completion of the proposed amalgamation as per the tentative dates," it said.
Earlier in the day, Parekh had said that the merger is expected to be complete by July 1 and HDFC Ltd shares will be unlisted by July 13. Following this, both the stocks jumped over one percent in late trade on June 27.
Also Read: HDFC-HDFC Bank merger – Should investors bet on it?
Once the deal is complete, HDFC shareholders will get 42 shares of HDFC Bank for 25 shares held, based on the share-swap ratio announced in April last year.
The resultant entity of HDFC Bank will be 100 percent owned by public shareholders. With the parent finally joining up with the bank, the bank will emerge as a powerhouse in the Indian banking industry.
“Gradually, the objective is to expand housing loans from more and more branches of the bank. The growth opportunity on housing loans will be bigger in HDFC Bank (the combined entity) than HDFC,” said Keki Mistry, Chief Executive Officer of HDFC.
Meanwhile, HDFC Ltd's exclusion from Nifty 50 could give an entry to LTIMindtree. As per Nuvama Research's preliminary calculations, LTIMindree should see an inflow of $150 million to $160 million.
On June 27, LTIMindtree closed 3 percent higher at Rs 5,160.
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