HDFC-HDFC Bank merger to be effective 1 July: report

The merger between Housing Development Finance Corporation (HDFC) and HDFC Bank will be effective on July 1, CNBC-TV18 reported on Tuesday, citing HDFC Chairman Deepak Parekh.

It will be the last board meeting of HDFC, and its shares will go off the market, effective July 13, the report quotes Parekh as saying.

Both companies will have separate board meetings on June 30.

HDFC had, in April last year, announced a $40 billion deal to merge with HDFC Bank, the country's biggest ever, which will create a financial services titan to better tap the rising demand for credit.