AZB advised HDFC for the acquisition by HDFC bank at USD 61 Billion

AZB advised HDFC for the acquisition by HDFC bank at USD 61 Billion

AZB &Partners acted as the legal advisors for Housing Development Finance Corporation Limited

("HDFC") for its acquisition by HDFC Bank Limited ("HDFC Bank") for a total consideration of approx. USD 61 Billion/ approx. INR 5 billion.

CCI approved the "proposed combination involving amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings."

The RBI had issued a no-objection certificate for the proposed amalgamation of HDFC and HDFC Bank. The Securities and Exchange Board of India (SEBI), too, had given its in-principle approval for a scheme of amalgamation of various HDFC Group entities as a part of the mega-merger.

After the completion of the merger, HDFC Ltd. will acquire a 41% stake in HDFC Bank, and all subsidiaries of the housing financier will be owned by the latter. It will take about 12-18 months for the ongoing merger process to be completed.

According to the Bank, "The combined entity will bring together complementary strengths of the two organizations. Post the combination, HDFC Bank's customers will be offered mortgages as a core product in a seamless manner. HDFC Bank will also leverage the long tenor mortgage relationship to offer varied credit and deposit products enabled through better insights throughout the customer life-cycle."

The Banking and Finance team of AZB is led by partner Bharat Budholia, along with senior associate Gayatri Pradhan.