HDFC Ltd on Saturday said an application has been filed with the National Company Law Tribunal (NCLT) for merger of HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank.
This is part of the proposed merger of HDFC Bank, the country's largest private sector bank by balance sheet, with its parent, mortgage lender Housing Development Finance Corporation Ltd (HDFC Ltd).
A Joint Company Scheme remains subject to various statutory and regulatory approvals, including from NCLT, Competition Commission of India and the respective shareholders and creditors of the companies involved in the scheme as may be required, HDFC said in a regulatory filing.
HDFC Bank has already received in-principle approval from the Reserve Bank (RBI) for the merger with HDFC Ltd, among other approvals.The parent-subsidiary merger is seen as the biggest transaction in India's corporate history. In April this year, HDFC Bank and HDFC Ltd announced the merger proposal under which the bank will take over the mortgage lender for about USD 40 billion in around 18 months.