The merger of HDFC Corp with the country’s largest private lender HDFC Bank will likely take effect July 1, chairman of India’s mortgage-lending pioneer Deepak Parekh said Tuesday. The combined entity will have an asset base of around ₹18 lakh crore, or in excess of $200 billion.
The boards of HDFC and the private bank will meet on June 30 to clear and approve the merger, Parekh told the media in Mumbai. “The merger is expected to be complete by July 1. Both HDFC Bank and HDFC Ltd will have separate board meetings on June 30,” Parekh said.