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Nifty Financial Services Top Sectoral Gainer; HDFC Bank Nears 52-Week High

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Indices open on a strong note and at the time of writing this copy at around 9:29 am traded with gains of 900 points, while Nifty traded up by over 1 percent. Bank Nifty is up by over 2 percent, while broader markets relatively underperformed.

 
Nifty Financial Services Top Sectoral Gainer; HDFC Bank Nears 52-Week High

Among sectoral indices, Nifty financial services is the most robust with gains of 3.5% with HDFC Bank trading near 52-week high. This stock which once a few weeks ago was trading close to 52-week low has been trading higher by 7.83% and at day's high touched a price of Rs. 1656.6 per share. The 52-week high of the stock has been Rs. 1725 per share.

HDFC on the other hand run up by 8.88% and at day's high gained a massive Rs. 217 per share to hit a price of Rs. 2697.5 per share.

The company in an exchange filing said, "to inform you that after considering the
recommendation and report of the Audit Comm ittee and the Committee of Independent Directors, the Board of
Directors of HDF C Bank Limited (" HDFC Rank"), at its meeting hclu today , on April 04, 202L, ltc:Js Inter al/a ,
;:ipproved a compos ite $Cherne of amalga matio ,, (" Scheme") for the amalgamation of: (i) HDFC InvestmentsLimited and HDFC Holdings Limi ted, into and with Housing Development Finance Corporation Limited ("HDFC
Lim ited "); and (ii) HDF C Limited into HDFC Bank, and their respect ive shareholders and creditors , under Sections
230 to 232 of the Companies Act, 2013 and other appl icable laws includin g th e rules and regulations (" Proposed
Transaction ").
The Scheme is subject to the receipt of requi site approvals from the Reserve Bank of Ind ia (" RB I"), Secu ri ties and
Exchange Board of India (" SEB I") , th e Competition Commission of India, the National Housing Bank ("NHB "), the
Insurance Regulatory and Development Authority of India, th e Pension Fund Regulatory and Development
Authority , the National Company Law Tribuna l, SSE Limited and the National Stock Exchange of India Lim ited
(collectively , the "Stock Exchanges ") and other statutory and regulatory authorities , and the respective
shareholders and cred ito rs, under app licable law.
The share exchange ratio for th e ama lgamation of HDFC Lim ited with and into HD FC Bank shall be 42 equ ity
shares (credited as fully pa id up) of face value of ~ 1 (Rupee On e) each of HDF CBank for every 25 fully pa id-up
equity shares of face value of ~ 2 (Rupee Two) of HDF C Limited .
The Board of Directo rs of HDFC Bank has al so accorded approval for the execution of an implementation
agreement between HDFC Limited and HDFC Bank ("Imp lementation Agreement "), which inter alia sets out the
manner of implementing the Proposed Transaction contemplated under th e Sch eme, the re pre sent ations and
warranties being given by each party and the rights and obli gations of the respecti ve partie s in re lation to the
Proposed Transaction .

 

As per the Sch eme , the appointed date for the amalgamation of HDFC limited with and into HDFC Bank shal l be
the effective date of the Scheme . Further, th e appointed date for amalgamation of HDFC Investments Limited and
HDFC Holdings Limited with and into HDFC Limited shall be the end of the day immediately preceding the effective
date of the Scheme.

Read more about: hdfc hdfc bank merger
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