HDFC Bank and HDFC Ltd merged, creating India’s largest bank with a market capitalization of ₹14.6 lakh crore. HDFC Ltd shares were delisted, and HDFC Bank issued new shares to eligible shareholders in exchange, becoming the world’s 4th most valued bank. IDFC Bank is merging IDFC Financial Holding into IDFC Ltd, then merging IDFC Ltd into IDFC Bank. Shareholders of IDFC Ltd will receive shares in IDFC First Bank Ltd at a ratio of 155:100. The merger targets completion by Q1 2024, integrating IDFC Ltd, a NBFC and parent of IDFC First Bank, ranked 7th in private banking sector market capitalization as of June 30, 2023.
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