Page 6 - Merger

HDFC merger may lead to 300 bps deceleration in credit demand: Report

The USD 40-bllion merger of the HDFC twins may lead to a 300-basis points deceleration in credit off-take to 13-13.5 per cent this fiscal from a tad over 15 per cent last fiscal, a report said. Credit off-take grew 15.4 per cent on-year to Rs 140.2 lakh crore for the fortnight to June 16, driven by personal loans and lending to non-banks, up from 13.2 per cent a year ago. Meanwhile, deposits also saw a healthy growth at 12.1 per cent on-year in the same fortnight partly supported by the withdrawal of the Rs 2,000 bank notes. This had the spread between credit and deposits growth dropping to 337 basis points (bps) in the reporting fortnight from 875 bps in November 2022, which was the largest in recent years, Care Ratings said in a note. In absolute terms, for the trailing 12 months, deposits expanded by Rs 20 lakh crore while incremental credit expanded by Rs 18.7 lakh crore from Rs 14.1 lakh crore, the note said. Even though forecasting for a healthy growth in demand for credit,

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

Vodafone, Three to merge UK telecom operations to capitalize on 5G rollout

Two of the UK's biggest mobile phone operators agreed Wednesday to merge their businesses to capitalise on the rollout of next-generation 5G wireless technology in the country. The tie-up of Vodafone UK and Three, which is owned by Hong Kong's CK Hutchison, will create Britain's biggest mobile phone player, with a market value of around 15 billion pounds (USD 18.75 billion). Vodafone will account for 51 per cent of the merged firm, with CK Hutchison owning the rest. The groups said the merger will help them compete with their rivals on 5G technology. Vodafone CEO Margherita Della Valle described the deal as a game-changer for the company's home market. It's transformative as it will create a best-in-class indeed best-in-Europe 5G network, offering customers a superior experience," she said. The companies said they are aiming to complete the deal by the end of 2024.

Microsoft's planned Activision Blizzard merger temporarily blocked by judge

Microsoft's planned USD 69 billion purchase of video game company Activision Blizzard was blocked by a federal judge Tuesday, giving more time for an antitrust review of the deal. U.S. District Judge Jacqueline Scott Corley in San Francisco ruled in support of a temporary restraining order sought by the Federal Trade Commission that will stop Microsoft from closing the deal. In a court filing Monday, the commission had sought both a restraining order and injunction to stop Microsoft's acquisition of the California company behind hit games such as Call of Duty, World of Warcraft and Candy Crush Saga. Microsoft, maker of the Xbox game system, has spent months trying to win worldwide approval for the merger. While a number of countries have approved the acquisition, regulators for two important economies the U.S. and the U.K. have taken action to stop it, arguing it could suppress competition in the video game market. The judge said her order temporarily blocking the deal is necessa

India set for $168 bn behemoth as HDFC merger to be completed by 20 July

Announcement of the so called 'record date' - or the cut-off day set for investors - for the swapping of shares of Housing Development Finance Corp. for HDFC Bank Ltd

Inox Wind Energy soars 19% on board's nod for merger with Inox Wind

The board approved swap ratio for the merger - around 158 equity shares of Inox Wind will be issued for every 10 equity shares of Inox Wind Energy

NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment. It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequate opportunity by the NCLT to present its side and it didn't follow the principles o

NCLAT defers Zee Entertainment's plea over merger approval to Friday

The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing to Friday on Zee Entertainment's petition against the NCLT order, directing bourses NSE and BSE to reconsider their approval for its merger with Culver Max Entertainment. A two-member NCLAT bench on Thursday directed the counsel appearing for Zee Entertainment Enterprise Ltd (ZEEL) to remove defects in the petition and directed to list the matter for the next day for hearing. The appellate tribunal was hearing the appeal filed by ZEEL against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment (earlier known as Sony Pictures Networks India). It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequ

BCCI likely to wait for Zee-Sony merger before selling media rights: Report

According to media reports, Zee Entertainment Enterprises is in talks with the creditors to repay its debt and clear the last obstacle in completing its merger with Sony Pictures Network India

SBI Funds Management gets RBI's nod to acquire 9.99% stake in HDFC Bank

The lender in the filing also stated that SBI Funds Management has been advised by the central bank to complete the said stake acquisition in the bank within a period of six months

PVR Pictures renamed as PVR INOX Pictures after merger with Inox Leisure

PVR Pictures has been renamed as PVR INOX Pictures following the merger of PVR and Inox Leisure. The merged entity is operating 361 cinemas with 1,689 screens across 115 cities till the end of FY23 in India and Sri Lanka. PVR Pictures was the film production and distribution arm of PVR Group. According to a statement on Wednesday, PVR INOX Pictures intends to increase investments in content acquisition for the Indian market, and generate further opportunities for under-represented storytellers and independent creators. "With a wider screen network, it will expand its programming and marketing capabilities and create highly innovative experiences, bringing significant value to its partners as well as to its customers," it said. The company made a successful film production debut in 2007 with Taare Zameen Par and Jaane Tu Ya Jaane Na. PVR-INOX Ltd has been created after the merger of two leading cinema brands PVR Ltd and INOX Leisure. The merger was effective from February 6, 2023.

HDFC-HDFC Bank merger may pave way for Adani Enterprises' Sensex inclusion

LTIMindtree may get added to Nifty; merged HDFC Bank may see $4.9 bn inflows from passive tracker

JM Financial Home Loans, Indostar Capital Finance to explore merger

As of December 2022, JM Home had a loan book of Rs.1,181 crore and AUM of Rs. 1,272 crore with average ticket size of Rs 12 lakh and loan to value ratio of 55%

Ipca Laboratories to acquire 33% stake in Unichem for 1,034 crore

The acquisition is subject to the fulfilment of terms and conditions as per the share purchase agreement, and statutory approvals from the Competition Commission of India, the company added

JSW Group in talks with MG Motor, BYD India for electric vehicle push

MG Motor India unveiled its compact EV Comet, which has a range of 230 km per charge, last Wednesday

Favourable terms

Lower cost of funds will help HDFC Bank after merger

HDFC Bank garners record Rs 1.5 trillion deposits in a quarter

This is the highest in a three-month period since merger announcement with HDFC Ltd

Eye on expansion, Haldiram family to invest Rs 2,500 crore in 5 years

Mulls IPO upon the merger of Nodia, Nagpur businesses

Tata Capital Financial Services, Tata Cleantech to merge with Tata Capital

The boards of TCFSL and TCCL have also accorded their approval

First Citizens buys Silicon Valley Bank following a run on the lender

The lender said it will assume $56 billion in deposits and 17 legacy branches will begin operating Silicon Valley Bank, a division of First Citizens