Private lender HDFC Bank Ltd on Saturday said it will announce its results for the quarter ending June 30, 2023 on July 17. Announcing results on Monday is a departure for the banking major as it usually announces its results on Saturday.
The results announcement will come days after the mega merger between HDFC and HDFC Bank.
"We wish to inform you that a meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) will be held on Monday, July 17, 2023 to inter-alia consider the unaudited standalone and consolidated financial results for the first quarter ending June 30, 2023," said HDFC Bank in a stock exchange filing on Saturday.
Meanwhile, the lender said it will sell a 2% stake in the initial public offering (IPO) of National Securities Depository (NSDL).
The lender holds a 8.95% stake in NSDL, which handles most of the securities held and settled in dematerialised form in the Indian capital market.
The IPO is a complete offer-for-sale (OFS) of more than 5.72 crore equity shares by six shareholders, according to the draft red herring prospectus (DRHP).
Under the OFS, apart from HDFC Bank, IDBI Bank plans to offload 2.22 crore shares, National Stock Exchange (NSE) 1.80 crore shares, Union Bank of India 56.25 lakh shares, State Bank of India and HDFC Bank will offload 40 lakh shares each.
Also, Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 34.15 lakh shares of the Mumbai-based depository.
Shares of the company are proposed to be listed on the BSE, as per the draft papers.
A certain portion of the issue will be reserved for eligible employees as well and the company may offer a discount to them on the IPO price.
As of financial year 2023, NSDL's revenue stood at Rs 1,099.81 crore and its net profit was Rs 234.81 crore, which was higher than that in the previous fiscal.
"Sale price will be determined when the IPO offer price is finalised," HDFC Bank said in a stock exchange filing.
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 Bank said in a regulatory filing last week.
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, with effect from Saturday, it added.
Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
The board of directors of HDFC Bank in consultation with the board of directors of HDFC Limited has fixed July 13, 2023, for determining the shareholders of HDFC Ltd, who would be issued and allotted the shares of HDFC Bank.
Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.
The board has fixed July 12, 2023, for the transfer of non-convertible debentures while July 7 for the transfer of commercial papers of HDFC Ltd in the name of HDFC Bank.
The reverse merger of HDFC with its subsidiary HDFC Bank has increased the total business of the merged entity to over Rs 41 lakh crore, closer to the country's biggest lender SBI.
Post-merger, HDFC Bank became the fourth most valued lender in the world, and narrowed the gap by asset size with state-owned SBI to be the second largest Indian bank.
The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the networth of the entity would be over Rs 4.14 lakh crore.
With inputs from agencies
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