HDFC Bank on Friday said it has allocated over 311 crore new shares of the bank to the shareholders of merged entity HDFC Ltd.

The share allocation was done according to the swap ratio announced as part of the composite scheme of amalgamation. Under the scheme, every HDFC shareholder has got 42 shares of HDFC Bank for every 25 shares they hold.

“...accordingly, today HDFC Bank has allotted 3,11,03,96,492 new equity shares of Re 1 each of HDFC Bank by the share exchange ratio provided in the scheme, to/for such eligible shareholders of HDFC Limited who were holding shares as on the record date,” the bank said in a regulatory filing.

The said equity shares allotted would be listed on the stock exchanges.

“The paid-up share capital of the bank will increase from Rs 559.17 crore consisting of 5,59,17,98,806 equity shares of Re 1 each to Rs 753.75 crore consisting of 7,53,75,69,464 equity shares of Re 1 each post cancellation of promoter holding of 1,16,46,25,834 equity shares,” it said.

PTI