HDFC share price surges 15%

HDFC Bank share price rose 13 per cent on announcement of a transformational merger with HDFC Ltd.

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The share exchange ratio for the amalgamation of HDFC with HDFC Bank shall be 42 shares

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(credited as fully paid up) of HDFC Bank for every 25 fully paid up equity shares of HDFC, it said.

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“This merger is the biggest surprise move to markets and is a win-win call for all stakeholders.

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This merger will create biggest financial services conglomerate to compete globally,”

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said Prasanth Tapse, Vice president (Research) Mehta Equities.

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HDFC Bank was quoting at Rs 1,713.70, up Rs 13.77 per cent, and HDFC was quoting at Rs 2,818.55, up 15 per cent on the BSE.

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“The combined entity will leverage the power of distribution in urban, semi-urban and rural geographies

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and cross-sell with a full suite of financial products to a large and growing customer base.

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