RPG Enterprises chairman Harsh Goenka shared his one-of-a-kind take on the recent HDFC Limited and HDFC Bank merger. Goenka stated that the Indian financial system is ready to explode with this merger just like the combine of Rohit Sharma and Virat Kohli in the cricketing world and Akshay Kumar and Ranvir Singh in the film industry.
Goenka wrote, “Imagine Rohit and Kohli rolled into one or Akshay Kumar and Ranvir Singh or say US and Russia. The result is clear-domination! With this merger, Indian financial scene is ready to explode with the creation of one of the largest and finest global institutions!”
Meanwhile, netizens shared the choicest memes.
For the unversed, housing finance company HDFC Limited will merge with private lender HDFC Bank.
The merger between HDFC Limited and HDFC Bank has been approved by the boards of both the entities. Once the scheme is in place, subsidiaries and associates of HDFC will be known as subsidiaries and associates of HDFC Bank. After this merger, HDFC Bank customers will get mortgages as a core product.
“Shareholders of HDFC Limited as on the record date will receive 42 shares of HDFC Bank (each of face value of Re 1), for 25 shares held in HDFC Limited (each of face value of Rs 2), and the equity share(s) held by HDFC Limited in HDFC Bank will be extinguished as per the scheme,” the company statement read.
It also mentioned, “As a result of this, upon the scheme becoming effective, HDFC Bank will be 100 per cent owned by public shareholders and existing shareholders of HDFC Limited will own 41 per cent of HDFC Bank.”
HDFC Limited chairman Deepak Parekh called this a “merger of equals” and noted that the housing finance business is poised to grow on the back of government policies like RERA, infrastructure status to the housing sector and affordable housing for all to name a few.
Also read: HDFC to merge with HDFC Bank
Also read: HDFC merger with HDFC Bank triggers meme fest on social media