HDFC-HDFC Bank merger is nearing completion, creating a $168 billion bank.
The announcement of the record date, the cut-off day for share swapping, is expected within three weeks.
The merged entity is likely to trade under the HDFC Bank ticker before July 20, 2023.
The merger is unprecedented in India, impacting millions of customers, shareholders, and related businesses.
A central team and committees worked on a business integration plan, while approvals were sought from regulators and stock exchanges.
The integration of technology platforms is at an advanced stage.
Once the merger is effective, a cut-off date will be announced for eligible HDFC shareholders to receive HDFC Bank shares.
HDFC shares will stop trading on the cut-off date, and the allocation and listing of new shares will take a week or two.
HDFC Bank will allocate 42 new shares for 25 shares of HDFC.
The ex-date, a day before the record date, marks the price adjustment between the merging companies.
Nifty Indices' new rules will exclude HDFC from any index on the ex-date and update the value of HDFC Bank.