AZB, Argus, Singhi, Wadia Ghandy and Cravath Swaine act on HDFC merger
AZB, Argus, Singhi, Wadia Ghandy and Cravath Swaine act on HDFC merger
The existing shareholders of HDFC Limited will own 41 percent of HDFC Bank
Four Indian law firms and a New York-based firm have advised the largest lender HDFC Bank on its merger with HDFC Limited.
While AZB & Partners, Argus Partners, and Singhi & Co acted as legal advisors to HDFC Limited, Wadia Ghandy advised HDFC Bank, along with Cravath Swaine & Moore.
The mortgage lender, HDFC's Board, had approved the merger of its wholly-owned subsidiaries HDFC Investments Limited and HDFC Holdings with HDFC Bank.
The AZB team was led by Zia Mody (Managing Partner) and Ashwath Rau (Partner) along with Vipul Jain (Partner) Aditya Alok (Partner) and Himansho Tembe (Senior Associate).
While the Argus team was led by Krishnava Dutt (Managing Partner), the Wadia Ghandy team was led by Partners Ashish Ahuja and Gopal Bankar.
Wadia Ghandy and Cravath had advised HDFC Bank in the past too.
The share exchange ratio for the amalgamation of HDFC Limited with and into HDFC Bank shall be 42 equity shares (credited as fully paid up) of the face value of Re.1 each of HDFC Bank for every 25 fully paid-up equity shares of the face value of Rs.2 of HDFC Limited.
