"HDFC's Merger With HDFC Bank Is Coming Together Of Equals," Says Deepak Parekh

HDFC Chairman Deepak Parekh said that HDFC will merge with HDFC Bank and it will be an all-stock amalgamation, subject to approval of shareholders of both the entities. He added that the merger will come into effect only after clearances are received from authorities like RBI and SEBI. Describing it as "a merger of equals", Mr Parekh said that as the housing finance business is poised to grow, the merger will accelerate the pace of credit growth.