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HDFC BANK DISTRIBUTES RS 42 CRORE TO FRACTIONAL SHAREHOLDERS OF HDFC LTD

HDFC Bank on Thursday said it has distributed Rs 42.40 crore to fractional
shareholders of HDFC Ltd through a trust created after the merger with its
parent. The reverse merger of HDFC Bank with HDFC Ltd was effective from July 1,
2023. As per the Composite Scheme of Amalgamation, HDFC Bank will issue and
allot to eligible shareholders 42 new equity shares of the face value of Re 1
each, credited as fully paid-up, for every 25 equity shares of the face value of
Rs 2 each fully paid-up held by such shareholders in HDFC Ltd as on the record
date — July 13, 2023. The fractional entitlements were consolidated, and the
aggregate of such fractions was rounded up to the next whole number and allotted
directly to 'HDFC Bank Unclaimed factional amount 2023', a trust managed by Axis
Trustee Services Ltd, the bank said in a regulatory filing. HDFC Bank did not
issue fractional shares, entitlements or rights to any shareholders of erstwhile
HDFC Ltd. However, it said, all fractional entitlements were consolidated and
rounded up to the next whole number of 2.80 lakh fully paid up equity shares and
allotted directly to 'HDFC Bank Unclaimed factional amount 2023'. The Trustee
completed the distribution of sale proceeds on October 13, after deducting the
expenses incurred and applicable Income Tax, it said.



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