NCLT approves merger of HDFC Property Ventures and HDFC Venture Capital

Previously, on February 28, the NCLT had reserved the order for its approval of the Housing Development Finance Corporation (HDFC) and HDFC Bank merger.

The National Company Law Tribunal (NCLT) on March 3 approved the merger of HDFC Property Ventures and HDFC Venture Capital into HDFC Capital Advisors.

A certified copy of the NCLT order has to be submitted to the Registrar of Companies within 30 days and the scheme of amalgamation will come into effect after the submission, the NCLT bench said in its order.

Previously, on February 28, the NCLT had reserved the order for its approval of the Housing Development Finance Corporation (HDFC) and HDFC Bank merger.

The HDFC-HDFC Bank merger, which was announced on April 4, 2022, is dubbed one of the largest mergers in India's corporate history. The merger, in terms of market capitalisation, is set to create the third largest company in the country, with the amalgamated entity estimated to have a combined asset base of around Rs 18 lakh crore.

After the complete deal and merger, existing shareholders of HDFC will own 41 percent of the HDFC Bank.

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