HDFC Bank: No need to pay parent firm's liabilities on Day1 of merger

HDFC Bank: No need to pay parent firm's liabilities on Day1 of merger

New Delhi, August 4

Liabilities of HDFC Ltd will be transferred to HDFC Bank upon their merger and there is no need to pay off such dues on the very first day of the merger, the lender said on Thursday.

The country’s largest private sector bank by balance sheet size is set to merge its parent mortgage lender Housing Development Finance Corporation Ltd (HDFC Ltd) with itself. HDFC Bank said it has not approved any plans to raise funds to pay towards such liabilities of HDFC Ltd.

“As per the proposed composite scheme of amalgamation, the liabilities of HDFC Limited will be transferred to the bank and will be serviced and repaid by the bank as per the contracted maturity,” the bank said in a regulatory filing. — PTI  

Scheme of merger

The country’s largest private sector bank is set to merge its parent mortgage lender HDFC with itself

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