Mortgage Lender HDFC's Board has this morning approved the merger of its wholly owned subsidiaries HDFC Investments Limited and HDFC Holdings with HDFC Bank.

AZB & Partners, Argus Partners and Singhi & Co acted as legal advisors to HDFC Limited.

The AZB team was led by Managing Partner Zia Mody and Partner Ashwath Rau along with Partners Vipul Jain and Aditya Alok and Senior Associate Himanshoo Tembe.

The Argus team was led by Managing Partner Krishnava Dutt (Managing Partner) along with Adity Chaudhury and Aastha (Partners). They were assisted in the diligence by Partners Prashanth Sabeshan, Rachika A Sahay, VInod Joseph and their teams.

Wadia Ghandy & Co. and Cravath, Swaine & Moore LLP acted as legal advisors to HDFC Bank.

The Wadia Ghandy team was led by Partners Ashish Ahuja and Gopal Bankar.

Wadia Ghandy and Cravath have advised HDFC Bank in the past, one where HDFC raised 11,104 crore from KKR and also when HDFC Bank listed its $1.5 Billion GDR.

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 (Rupee One) each of HDFC Bank for every 25 fully paid-up equity shares of the face value of ~ 2 (Rupee Two) of HDFC Limited.

After the completion of the deal, existing shareholders of HDFC Limited will own 41% of HDFC Bank.

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