The Pension Fund Regulatory and Development Authority has approved the merger of HDFC Investments and HDFC Holdings with and into Housing Development Finance Corporation Ltd and of HDFC Ltd with and into HDFC Bank.
“HDFC Ltd has today - on July 8, 2022, received an approval from PFRDA regarding change in its status/ constitution pursuant to the scheme in accordance with the PFRDA (Point of Presence) Regulations, 2018, subject to a condition that the services to NPS subscribers associated with HDFC Ltd will not be affected due to the scheme,” it said in a stock exchange filing on Friday.
HDFC Ltd and HDFC Bank are both registered as Point of Presence under the National Pension System or NPS.
“The scheme remains subject to various statutory and regulatory approvals inter alia including approvals from the Competition Commission of India, the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the scheme as may be required,” HDFC Ltd further said.
Recently, the proposed merger was also approved by the Reserve Bank of India and stock exchanges.