Index rejig: JSW Steel to replace HDFC in Sensex from July 13
Housing Development Finance Corporation (HDFC) in S&P BSE Sensex said the bourse in its release. It will be effective from July 13. The rejig is due to the completion of the biggest corporate merger of HDFC with HDFC Bank.
Meanwhile, HDFC will be replaced with Zomato in BSE 100 index. HDFC will also be removed from S&P BSE Sensex 50 and replaced by Apollo Hospitals and On S&P BSE 500, HDFC will be replaced by JBM Auto Components Ltd. HDFC Ltd will be removed from all the other BSE indices with effective from July 13 . Besides HDFC, TVS Motor Company and Apollo Tyres have also been removed from a few indices of the exchange, the release showed.
On Nifty 50 index, LTIMindtree, a subsidiary of engineering giant Larsen & Toubro, will replace HDFC from July 13. The merger of HDFC Bank and HDFC came into effect on July 1. The boards have set July 13 as the record date to determine the eligible shareholders for allotment of shares under the merger deal.
Under the merger terms, eligible shareholders of HDFC will receive 42 new HDFC Bank shares for every 25 shares they held in the former. They had first announced their decision to get hitched on April 4, 2022, after getting approvals from the board, shareholders, and regulatory authorities. On Wednesday, shares of HDFC Bank and HDFC Ltd ended 3 per cent down each at ₹1,673.30 and ₹2,796.15, respectively, on the BSE.
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