Mumbai: India’s premiere non banking financial company Housing Development Finance Corporation (HDFC) has received the approval from Pension Fund Regulatory and Development Authority (PFRDA) for its planned merger with HDFC Bank.
The Company has informed about the development to the Stock Exchanges on July 8. The approval has been given 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 subscribers associated with HDFC Limited will not be affected due to the Scheme, HDFC said in the exchange filing.
HDFC has stated, “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 subscribers associated with HDFC Limited will not be affected due to the Scheme.”
Earlier on 4th July this year, HDFC Bank had received the approval from the banking sector regulator RBI for the merger proposal of its parent HDFC Ltd., with itself. Both the Bombay Stock Exchange and the National Stock Exchange have approve the merger of the two financial behemoths in June this year. After the proposed takeover and merger of the two financial companies, the combined entity will have an asset base of around Rs 18 lakh crore.