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Shareholders of HDFC will receive 42 shares of HDFC Bank for every 25 shares held, giving them ownership of 41% in the lender.
The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1.
The two firms may set July 13 as the record date for swapping shares, HDFC said in an exchange filing.
Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank, the two firms said.
The bank Wednesday announced a tie-up with Manipal Global Academy of BFSI, aiming to hire 5,000 over the next three years, after they finish a year-long training at the institute.
The card has been launched in two variants – '6E Rewards' and '6E Rewards XL'
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