Housing finance major HDFC will merge with its subsidiary HDFC Bank on Saturday as their respective boards have cleared the proposal on Friday. Following the reverse merger, HDFC will cease to exist from July 1 onwards.

“Saturday, July 1, 2023, to be the ‘Effective Date’ of the composite scheme of amalgamation, on which date the certified order of the NCLT sanctioning the Scheme will be filed by HDFC Investments, HDFC Holdings, HDFC Limited, and HDFC Bank with the RoC,” HDFC Bank said in a regulatory filing.

The Mumbai bench of the National Company Law Tribunal (NCLT) had given its clearance to the HDFC-HDFC Bank merger in an order issued on March 17.