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Mumbai, The merger of housing finance major <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword> with the country's largest private lender <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> will be effective from July 1, HDFC Chairman Deepak Parekh said on Tuesday.The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters here. The merger of the corporation with HDFC Bank will be effective July 1, Parekh said. HDFC vice-chairman and CEO Keki Mistry said that the stock delisting of the corporation will be effective from July 13. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan. The proposed entity will have a combined asset base of around Rs 18 lakh crore. Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

Merger of HDFC with HDFC Bank effective from July 1: Deepak Parekh

<ul><li><keyword id="3117450" type="General" weightage="20" keywordseo="HDFC-Capital" source="Orion">HDFC Capital</keyword> has raised $376 million under the second scheme of <keyword id="16012698" type="General" weightage="20" keywordseo="HDFC-Capital-Affordable-Real-Estate-Fund-3" source="Orion">HDFC Capital Affordable Real Estate Fund -3</keyword> (<keyword id="15003778" type="General" weightage="20" keywordseo="H-CARE-3" source="Orion">H-CARE 3</keyword>).</li><li>H-CARE 3 is a <keyword id="16012699" type="General" weightage="20" keywordseo="category-II-alternative-investment-fund" source="Orion">category II alternative investment fund</keyword> (AIF) that focuses on providing long-term investment in affordable and mid-income housing projects.</li><li>In addition, the real estate private equity arm of HDFC Group will also invest in technology companies engaged in the affordable housing ecosystem.</li><li>Abu Dhabi Investment Authority (ADIA), through a wholly-owned subsidiary, is the primary investor in H-CARE 3 schemes 1 and 2.</li></ul> HDFC Capital, a subsidiary of top mortgage lender Housing Development Finance Corporation, has raised $376 million under the second scheme of HDFC Capital Affordable Real Estate Fund -3 (H-CARE 3). H-CARE 3 is a category II alternative investment fund (AIF) that focuses on providing long-term, flexible funding across the lifecycle of affordable and mid-income housing projects, including early-stage funding. HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3). All these funds combine to create a $ 3.1 billion platform targeting the development of affordable and mid-income housing in India. Abu Dhabi Investment Authority (ADIA), through a wholly-owned subsidiary, is the primary investor in H-CARE 3 schemes 1 and 2. “Despite the recent headwinds in the global macro landscape, I continue to be optimistic about the demand for homes in India. As the pivot of global growth shifts, India is envisaged to remain amongst the fastest growing major economies,” said Deepak Parekh, chairman, HDFC. “And housing will play an even more important role as a catalyst for growth. HDFC Capital has been one of the pioneers of investing in affordable and mid-income housing projects in India.” Parekh further added that, “With the support of leading global investors like ADIA and partnerships with trusted developers, the HDFC Capital platform is well on its way to achieve its medium-term goal of funding one million affordable homes in India.” In addition, the real estate private equity arm of HDFC Group will also invest in technology companies (construction technology, fin-tech, sustainability-tech etc.) engaged in the affordable housing ecosystem, the company said. “At HDFC Capital, our vision is to finance the development of the affordable housing ecosystem in India and provide a seamless platform for all stakeholders including global investors, developers, and vendors to access financing and technology innovations to develop sustainable and smart affordable homes,” said Vipul Roongta, MD &amp; CEO at HDFC Capital. HDFC Capital’s target is to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology, whilst focusing on sustainability. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-credit-worthiness-to-be-stable-in-2023-but-upcoming-elections-could-keep-social-spending-elevated-moodys/articleshow/96851926.cms">India’s credit worthiness to be stable in 2023, but upcoming elections could keep social spending elevated: Moody’s</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a>

HDFC Capital raises $376 million under alternative investment fund for affordable housing; ADIA is primary investor

<ul><li>The market regulator Securities and Exchange Board of India (SEBI) mandated that the chairperson, <keyword id="115930" type="POSITION" weightage="20" keywordseo="Chief-Executive-Officer">chief executive officer</keyword> (CEO) of the company can not be the same. </li><li>Wipro’s Abidali Neemuchwala and Karur Vysya Bank’s PR Seshadri quit citing ‘personal’ reasons. </li><li>Of the top 500 companies, more than 160 have shared chairperson and CEO posts — and another 50 companies have the chairperson related to the CEO. </li><li>Checkout the 10 top Indian companies are looking for CEOs.</li></ul>The resignation of <a href="https://www.businessinsider.in/business/news/abidwali-neemuchwalas-scorecard-as-wipros-ceo-for-four-years/articleshow/73794632.cms">Wipro CEO Abidali Neemuchwala</a> made headlines a few days ago. The reasons for his departure were ‘personal’, there are many other Indian firms that are looking for top talent to sit in the corner office. In a bid to scale up the the corporate governance practices, the market regulator Securities and Exchange Board of India (SEBI) mandated that the chairperson, chief executive officer (CEO) and the managing director (MD) of the company can not be the same. The new mandate, that is applicable to the fortune 500 companies will kick off on April 1, 2020. Of the top 500 companies, more than 160 have shared chairperson and CEO posts — and another 50 companies have the chairperson related to the CEO— <a href="https://economictimes.indiatimes.com/markets/stocks/news/sebis-cut-off-for-separate-chairman-and-md-is-here-are-family-run-businesses-ready/articleshow/72973247.cms">according to the</a> Economic Times report. This has opened up vacancies across companies like <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, Hindustan Unilever and ITC, aside from Wipro. While Neemuchwala will stay on till Wipro finds his successor, the corner office of <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/karur-vysya-bank-ceo-md-resigns/articleshow/73116982.cms">Karur Vysya Bank CEO PR Seshadri’s last working day</a> will be March 31, 2020. The key qualities of a CEO These top executives must have experience, observation skills, as well as a strong network to the table. “The top executive needs to have the ability to align themselves with the company’s vision. The new SEBI regulations which states that companies cannot have the same person as a CEO as well as Chairperson will create a lot of demand initially, this might lead to some relaxation of assessment standards for some time,” Ajay Shah, VP and head of recruitment at TeamLease Services told Business Insider. “These thought leaders provide much more than just a reference. They also provide counsel; they serve as sounding boards; they act as voices of depth and reason; they help frame a CEO search in the context of the organisation,” Deepak Parekh, chairman at HDFC <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/how-godfathers-of-ceo-hiring-in-india-inc-choose-best-candidate-for-the-top-job/articleshow/34348018.cms?from=mdr">told</a> the Economic Times. It doesn’t take days or hours of interviews. For me, 10 minutes is enough to assess if the candidate is right for the job,” Parekh added. “The <keyword id="1668152" type="PERSON" weightage="20" keywordseo="CEO-hiring">CEO hiring</keyword> protocols that Indian companies follow generally start with external agencies or search firms identifying suitable candidates and the boards or promoters interviewing them. Top 25 thought leaders in India across sectors are tapped for referencing for top appointments. Along with quality references these thought leaders also provide counselling for such hires,” Shah added. Here are the top Indian companies are looking for CEOs: Reliance Industries 
	<div type="image" title="ambani" msid="73997124" hostid="261" caption="&amp;lt;p&amp;gt;Mukesh Ambani&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹924,038 crore Chairman &amp; CEO: Mukesh Ambani Hindustan Unilever 
	<div type="image" title="sanjiv mehta" msid="73997127" hostid="261" caption="&amp;lt;p&amp;gt;Sanjiv Mehta&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹464,839 crore Chairman &amp; CEO: Sanjiv Mehta ITC 
	<div type="image" title="sanjiv puri" msid="73997131" hostid="261" caption="&amp;lt;p&amp;gt;Sanjiv Puri&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹262,428 crore Chairman &amp; CEO: Sanjiv Puri ONGC 
	<div type="image" title="shashi shanker" msid="73997134" hostid="261" caption="&amp;lt;p&amp;gt;Shashi Shanker&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹135,112 crore Chairman &amp; CEO: Shashi Shanker NTPC 
	<div type="image" title="gurdeep singh" msid="73997139" hostid="261" caption="&amp;lt;p&amp;gt;Gurdeep Singh&amp;lt;/p&amp;gt;"></div>

 Market Cap: ₹110,621 crore Chairman &amp; CEO: <keyword id="108414" type="PERSON" weightage="20" keywordseo="Gurdeep-Singh">Gurdeep Singh</keyword> Adani Ports 
	<div type="image" title="adani" msid="73997149" hostid="261"></div>

 Market Cap: ₹75,174 crore Chairman &amp; CEO: <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> Karur Vysya Bank 
	<div type="image" title="PRS Karur" msid="73997152" hostid="261"></div>

 Market Cap: ₹4,092 crore Former Chairman &amp; CEO: PR Seshadri Coal India Market Cap: ₹121,036 crore Chairman &amp; CEO: <keyword id="806462" type="PERSON" weightage="20" keywordseo="Anil-Kumar-Jha">Anil Kumar Jha</keyword> BPCL Market Cap: ₹107,161 crore Chairman &amp; CEO: Duraiswamy Rajkumar Power Grid Corporation of India Market Cap: ₹100,629 crore Chairman &amp; CEO: Kandikuppa Sreekant

At least 10 top Indian companies are looking for CEOs — do you have what it takes?

<ul><li>With their sales being hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices.</li><li><keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s MD Varun Berry said there is some serious issue in the economy.</li><li>He’s not alone, leaders from the auto industry have raised their concerns as the segment is witnessing its worst sales slowdown.</li></ul>Questions are being raised by top Indian businessmen about the economic health of the country. The latest one to cry foul is fast moving consumer goods company Britannia. In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword>. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. This comes in even though Britannia holds one-third of market share in the Indian biscuit industry. With their sales hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices. India’s GDP has slumped to 6.8% in FY19, whereas <a href="https://www.businesstoday.in/current/economy-politics/india-economy-9-per-cent-gdp-growth-pm-modi-5-trillion-dollar-economy-target-ey/story/370433.html">analysts </a>say that for India to reach its dream of being a $5 trillion economy, the country’s GDP needs to grow steadily at 9%. The industry that has been worst hit has the auto industry which has seen a massive slowdown in sales has seen. Auto industry leaders like Pawan Munjal of HeroCorp, RC Bhargava of Maruti, Anand Mahindra of Mahindra &amp; Mahindra, have all been rallying for reduction of GST to boost growth in sales. Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. Earlier, Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. However, there are also some who believe this is just a phase. HDFC Chairman <a href="https://www.businesstoday.in/current/economy-politics/indias-economic-slowdown-driven-by-lower-consumption-temporary-in-nature-says-hdfcs-deepak-parekh/story/370229.html">Deepak Parekh</a> in the recent annual general meeting of the bank said, “While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I believe this is temporary in nature.”

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Merger of HDFC with HDFC Bank effective from July 1: Deepak Parekh

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