The merger of India’s HDFC Bank and Housing Development Finance Corp. is nearing completion, with investors waiting for the announcement of the ‘record date’, relating to the swap of shares. The merged entity will be worth $168bn, making it the world’s fifth-most valuable bank. A cut-off date will determine which HDFC shareholders are eligible to receive HDFC Bank shares, with a week or two required for listing of new shares. Once the HDFC Bank share price adjusts to incorporate the value of HDFC, the two firms will be excluded from any index on the ex-date.
