HDFC Ltd. with AuM of Rs5.26trn would merge into HDFC Bank having a total
loan book of Rs12.6trn as at Dec’21. Subsidiaries and associates of HDFC Ltd.
will become the same of HDFC bank.

Shareholders of HDFC Ltd. as on record date will receive 42 shares of HDFC
Bank (FV Re. 1) for 25 shares of HDFC Ltd. (FV Rs2).

Post the above, HDFC Bank will be 100% owned by public shareholders and
existing shareholders of HDFC Limited will own 41% of HDFC Bank.

Macaquarie on HDFC Meger

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