proposed merger of HDFC bank and its parent firm is one more step closer to its amalgamation as the offer has been accepted by the stock exchanges National Stock Exchange And Bombay Stock ExchangeGiven that they have “no objection”.

HDFC said in a regulatory filing, the stock exchanges have received correspondence from the stock exchanges on Saturday.

“In this regard, we would like to inform you that HDFC Ltd. has received the observation letter with ‘No Adverse Comment’ BSE Limited and observation letter with ‘No Objection’ from National Stock Exchange of India Limited, both dated July 2, 2022,” the filing said.

However, the amalgamation scheme is subject to various statutory and regulatory approvals, including approvals from the Competition Commission of India, Reserve. National Company Law Tribunal and the respective shareholders and creditors of the companies, the filing added

In early April, the country’s largest private sector lender

announced that it will merge with the mortgage lender (HDFC).

As per the terms of the deal, HDFC Ltd shareholders will receive 42 shares of HDFC Bank for 25 shares. The existing shareholders of HDFC Ltd will own 41 per cent of HDFC Bank.

Shares of HDFC Bank on Friday closed 0.5 per cent higher at Rs 1,355, while HDFC shares gained 1.6 per cent to close at Rs 2,205.