HDFC Bank Ltd., on July 1, said that the Composite Scheme of Amalgamation for the merger of HDFC Investments Limited and HDFC Holdings Limited, the wholly-owned subsidiaries of the Housing Development Finance Corporation (HDFC) Limited with and into HDFC Limited; and HDFC Limited, with and into HDFC Bank Limited has become effective from July 1, 2023 with the all the entities filing the certified approval copy of the NCLT with the Registrar of Companies. The rebranding was being done since early morning on July 1.
The board of HDFC Bank and HDFC Ltd. on June 30 approved the merger effective July 1, 2023.
As a result of the merger becoming effective, HDFC Investments and HDFC Holdings have been amalgamated with and into HDFC Limited, and have stood dissolved without being wound up, without any further act or deed, on July 1, 2023.
HDFC Limited stands dissolved
HDFC Limited has been amalgamated with and into HDFC Bank, and HDFC Limited has stood dissolved without being wound up, without any further act or deed, on July 1, 2023, the bank said.
The authorised share capital of HDFC Bank has automatically stood increased on account of transfer to and amalgamation/combination of authorised capital of HDFC Limited.
The subsidies of HDFC Limited, including HDFC Life Insurance Company Limited, HDFC Asset Management Company Limited and HDFC Ergo General Insurance Company Limited, have become subsidiaries of HDFC Bank with effect from July 01, 2023.
HDFC Bank has also become the promoter of the two insurance companies.
With the merger HDFC Bank has become co-sponsor of HDFC Mutual Fund, a mutual fund registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996, in place of HDFC Limited with effect from July 1, 2023.
Starting July 1, the offices of Directors and Key Managerial Personnel of HDFC Investments, HDFC Holdings and HDFC Limited have stood vacated.
The bank said that it has started formalities for cancellation of registration certificates, for HDFC investments, HDFC Holdings and HDFC Limited, as non-banking financial companies/housing finance company, which were issued by the Reserve Bank.