shares were traded on stock exchanges for the last time on Wednesday as a result of its merger with HDFC Bank. The mortgage giant’s stock closed at Rs 2,730, giving the lender a market value of just over Rs 5 lakh crore. HDFC shares were issued to the public at par (as against a premium) in 1978, a year after the company was incorporated.
HDFC shareholders, who have seen 19% returns (compound annual growth rate) over the last 30 years, will get 42 shares of the bank for every 25 shares they hold . The company’s board has fixed July 13 as the record date for the swap. Fractional units will be settled by the company in cash, and credited to the investor’s bank account.
HDFC Bank shares closed nearly 1% down at Rs 1,633, valuing the standalone bank at Rs 9. 1 lakh crore. Going by Wednesday’s closing price, 25 shares of HDFC are worth Rs 68,250, while 42 shares of the bank are valued at Rs 68,586.