HDFC allots 311 cr equity to shareholders as part of swap

Team Blitz India

MUMBAI: HDFC on July 14, said that it had allocated over 311 crore new shares equity of the bank to shareholders of merged entity HDFCLtd. The share allocation was done as per the swap ratio announced as part of the composite scheme of amalgamation. As per the scheme, every HDFC shareholder has got 42 shares of HDFC Bank for every 25 shares they hold.

“…accordingly, today HDFC Bank has allotted 3,11,03,96,492 new equity shares of Re 1 each of HDFC Bank in accordance with the share exchange ratio provided in the scheme, to/for such eligible shareholders of HDFC Limited who were holding shares as on the record date,” HDFC said in a press release.

The said equity shares allotted would be listed on the stock exchanges and rank paripassu in all respects with the existing equity shares of HDFC Bank, the release added.