LTIMindtree Limited, a subsidiary of Larsen & Toubro will replace Housing Development Finance Corporation Limited in the Nifty 50 index from July 13, the National Stock Exchange said on Tuesday.
The stock exchange has announced changes to various indices, including Nifty 50 and Nifty 100, on account of scheme of amalgamation of HDFC with HDFC Bank.
From July 13, LTIMindtree will replace HDFC in the benchmark Nifty 50 index and Jindal Steel & Power will take the place of the mortgage lender in the Nifty 100 index, according to NSE.
In a release, the bourse said the Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make replacement of stock in various indices, following the HDFC-HDFC Bank amalgamation.
The replacement of HDFC with LTIMindtree will also be "applicable to Nifty50 Equal Weight Index".
Mankind Pharma and Jindal Steel
Among other indices, Mankind Pharma will replace HDFC in the Nifty 500 and Jindal Steel & Power will be included in place of LTIMindtree in the Nifty Next 500.
Changes in other indices
NSE has also announced changes to other indices. LIC Housing Finance will be replacing HDFC in Nifty Financial Services and Poonawalla Fincorp will replace it in Nifty Financial Services Ex-Bank. While Phoenix Mills will replace HDFC in Nifty Housing, Brigade Enterprises and Ambuja Cements will be replacing it in Nifty Core Housing and Nifty High Beta 50, respectively.
"The Index Maintenance Sub-Committee of NSE Indices Limited has decided to make replacement of stock in various indices as listed hereunder on account of scheme of amalgamation of Housing Development Finance Corporation Limited with HDFC Bank Limited. These changes shall become effective from July 13, 2023 (close of July 12, 2023)," the release said.
HDFC, the parent of HDFC Bank, merged into the lender on Saturday. HDFC Bank is also the country's largest private sector lender.
The record date is July 13 for determining the shareholders of HDFC, who shall be issued and allotted the shares of HDFC Bank.
The USD 40-billion merger, the largest such deal in Indian corporate history, is driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity.
With inputs from Agencies.
