BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
We believe, the equity shares exchange ratio (at 42 shares of HDFC Bank Ltd. / 25 shares of Housing Development Finance Corporation Ltd.) for amalgamation of HDFC with HDFC Bank is reasonable considering adjusted book s at Rs 408 and Rs 609 (as on Q3 FY22) and market prices as on end-April 01, 2022 respectively.
In our opinion, higher statutory liquidity ratio requirements and higher proportion of mortgage credit book would drag asset yield and cash reserve ratio requirements would add to the funding cost for the merged banking.
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