Most HDFC employees recalled the struggles of selling home loans in the early days when the product wasn't popular. In fact, Chairman Deepak Parekh also agreed and narrated a story: “Our first home loan was of Rs 30,000. We took photographs of the customer with his house and that was the cover picture of our first annual report.”
With the deal getting effective, HDFC Bank will be 100 percent owned by public shareholders, and existing shareholders of HDFC will own 41 percent of the bank
Boards of the twin entities have fixed July 13 as the "record date" for determining the shareholders of HDFC "who shall be issued and allotted the shares of HDFC Bank".
Currently, July 1 is the tentative date for the completion of the merger of HDFC Ltd with HDFC Bank. The tentative record date is July 13. Both entities are moving closer to completing all the formalities
Mortgage lender clarified that July 1 is simply a 'tentative' date for completion of its merger with HDFC Bank. The record date of July 13 is also tentative and subject to completion of certain formalities, it said
HDFC has also acquired 1.49 crore equity shares, or 0.69 percent, in HDFC Life Insurance via open market transactions at an average price of Rs 667.1 per share, which amounted to Rs 992.64 crore.