The market value of HDFC Bank is now more than that of Bank of China and Royal Bank of Canada. The merged entity was listed on Monday following the allotment of HDFC Bank shares to the shareholders of HDFC.
According to the latest shareholding pattern of the merged HDFC Bank disclosed on Monday, foreign portfolio investors have a 53.93% stake. The Government of Singapore owns a 2.67% stake while Invesco Markets Fund owns 1.21%. Mutual funds’ cumulative holdings in the bank are at 19.16%, while insurance companies own 8.71%. Retail investors hold 12.81%.
HDFC Bank’s market value of $154 billion is nearly double that of rival ICICI Bank’s $82 billion and State Bank of India’s $64 billion. ICICI Bank is ranked 16th and SBI is at the 22nd spot in the list of the world’s most valuable banks. HDFC Bank on Friday allotted 311.04 crore new shares to the shareholders of HDFC as part of the deal.
Every HDFC shareholder has got 42 shares of HDFC Bank for every 25 shares they held. The mega $40-billion merger of HDFC Bank and HDFC came into effect on July 1. The shares of HDFC Ltd stopped trading on the stock exchanges on July 13.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
