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Griha Investments is a wholly-owned subsidiary of HDFC Holdings Ltd and a foreign step-down subsidiary of HDFC Ltd. Post-merger, HDFC Bank will be twice the size of ICICI Bank, which is the third-largest lender now.
The country's largest housing finance company HDFC Ltd on Monday, January 16, said it got approval from the Financial Services Commission, Mauritius, for the transfer of shares of Griha Investments from HDFC Holdings Ltd to HDFC Bank for the merger.
Griha Investments is a wholly-owned subsidiary of HDFC Holdings Ltd and a foreign step-down subsidiary of Housing Development Finance Corporation (HDFC) Ltd.
Termed the biggest transaction in India's corporate history, HDFC Bank on April 4, 2022, agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion, creating a financial services titan.