HDFC, HDFC Bank merger effective July 1; HDFC shares delisting on July 13

Deepak Parekh said that HDFC Bank has assured them that "each and every employee of HDFC under age of 60" will be absorbed and their salaries will not be reduced

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The merger of HDFC into HDFC Bank will be effective July 1, its chairman Deepak Parekh said in a press conference on Tuesday. The boards of HDFC Bank and HDFC will meet on June 30 after the market hours to clear and approve the merger, he said. 

HDFC shares delisting will be effective on July 13, said HDFC's Vice-Chairman and Chief Executive Officer (CEO) Keki Mistry. 

Parekh also said that HDFC Bank has assured them that "each and every employee of HDFC under age of 60" will be absorbed in the merged entity and their salaries will not be reduced. 

The two entities had announced their merger plan on April 4 last year. They received the approval of the National Company Law Tribunal (NCLT) later the same year.

Post the merger, HDFC Bank will become the tenth-largest bank in the world. Each shareholder with 25 shares of HDFC will receive 42 shares of HDFC Bank.