The bank’s market capitalisation crossed $150 billion, making it bigger than Morgan Stanley, Goldman Sachs and Bank of China
New Delhi, NFAPost: Days after its merger with HDFC Ltd, HDFC Bank has joined the exclusive club of companies with a market capitalisation of $100 billion. This makes it the seventh-largest lender globally.
The bank’s market capitalisation crossed $150 billion, making it bigger than Morgan Stanley, Goldman Sachs and Bank of China.
Currently, JP Morgan is the largest bank, with a market cap of $438 million. It is followed by Bank of America ($232 billion) and China’s ICBC ($224 billion).
The merger of HDFC Bank and its parent HDFC Ltd was completed on July 1. Today was the first day the bank’s stock started trading as a merged entity.
On July 13, the shares of HDFC Ltd were taken off the bourses as July 12 was the record date for determining eligible shareholders for share allotment.
On Friday, the bank allotted 3,11,03,96,492 new equity shares of face value Re 1 each to eligible shareholders of HDFC Ltd. As a part of the deal, every HDFC shareholder got 42 shares of HDFC Bank for every 25 shares they held in the company.
Accordingly, the paid-up share capital of the bank increased to 753,75,69,464 shares from 559,17,98,806 shares.
In terms of market value on BSE, HDFC Bank remains the third-largest Indian company behind only Reliance Industries (Rs 18.6 trillion) and TCS (Rs 12.9 trillion).
