HDFC Ltd & HDFC Bank Merger Gets PFRDA Approval

The merger of HDFC Bank and HDFC Limited, widely considered to be the largest deal in Indian business history, received approval from the Pension Fund Regulatory and Development Authority (PFRDA).

Housing Development Finance Corporation Ltd. (HDFC) announced gaining PFRDA approval in a regulatory filing made public on Friday. The HDFC Limited Board of Directors approved the merger in accordance with its decisions.

HDFC Ltd in its filing to the NSE said, "We wish to inform you that HDFC Limited has today i.e. on July 8, 2022, received an approval from PFRDA regarding change in its status/ constitution pursuant to the Scheme in accordance with the PFRDA (Point of Presence) Regulations, 2018, subject to a condition that the services to NPS subsrcibers associated with HDFC Limited will not be affected due to the Scheme."

"The Scheme remains subject to various statutory and regulatory approvals inter alia including approvals from the Competition Commission of India, the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the Scheme as may be required," the company further added.

Earlier, the proposed merger of HDFC with its banking subsidiary HDFC Bank was approved by the Reserve Bank of India, the BSE and NSE of India, and now the PFRDA. This deal is thought to be the largest in the corporate history of India.