Deepak Parekh confirms HDFC-HDFC Bank merger effective July 1

28 Jun 2023 CW Team

Deepak Parekh, Chairman, HDFC, announced that the boards of HDFC and HDFC Banks would convene after hours on June 30 to proceed with the merger. This decision came after receiving approvals from the necessary regulatory bodies. Parekh further revealed that the effective date of the merger would be July 1. Consequently, starting from July 13, the shares of HDFC would be traded as HDFC Bank shares.

Parekh mentioned that the upcoming meeting on June 30 would serve as HDFC's final board meeting. In April, the Reserve Bank of India had granted selective regulatory relief to HDFC Bank to facilitate a smooth merger process.

This merger marks an unprecedented event in India, as it creates a bank with a value of $168 billion. It will have a significant impact on millions of customers and shareholders associated with both companies, as well as their group insurance and asset management businesses.

As part of the merger, HDFC Bank will allocate 42 new shares for every 25 shares of HDFC. The mortgage lender expressed its intention to time the record date strategically to avoid any gap between the suspension of HDFC shares and the allocation of HDFC Bank shares to its more than 740,000 shareholders.

Pankaj Pandey, the head of research at ICICI Securities, acknowledged HDFC Bank's importance and its prominent position in the banking sector. He stated that portfolio and fund managers would not risk ignoring it. Additionally, Pandey mentioned that even after the merger, HDFC Bank would remain a favorable investment option with substantial growth potential. He added that HDFC Bank's stock currently trades at around 2.5-2.6 times its forward price-to-book value and fails to fully capture its market share gains and growth potential.

Also read:
Government to launch Pan-India Construction Worker
Maha CM lays foundation stone of development works in

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..