CCI approves HDFC’s merger with HDFC Bank

The Competition Commission of India approved the scheme of merger of HDFC with HDFC Bank in its meeting held on Friday.

In a letter to exchanges, HDFC Bank said that the CCI considered and approved the combination, which involves the merger of HDFC Holdings and HDFC Investment with HDFC in the first stage and subsequently the merger of HDFC with the bank. The scheme has already been approved by stock exchanges, the RBI and Sebi. It will now need to be approved by the NCLT, and respective shareholders and creditors.

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