London—Dentons has advised Housing Development Finance Corporation Limited (HDFC) in relation to the impact of its merger with and into HDFC Bank Limited (HDFC Bank) on its outstanding INR5 billion notes issued under its US$2.8 billion Medium Term Note Programme (the Notes).

The merger of HDFC, India’s largest mortgage lender, with and into HDFC Bank, India’s largest private lender, became effective as of 1 July 2023. The merger is worth US$40 billion and is the largest in India’s corporate history. The combined HDFC Bank entity now ranks as amongst the top 10 largest banks in the world by market capitalisation, valued at around US$157 billion.

Dentons acted as English law counsel, advising HDFC in relation to ensuring a smooth transition in relation to the Notes and ongoing compliance with their terms and conditions.

Dentons previously advised HDFC on its INR1,896 crore (approximately US$291.4 million) qualified institutional placement follow-on share offering in 2018; on its US$2.8 billion Medium Term Note Programme (listed on the London Stock Exchange) and associated issuances in 2019; and also on the 2020 offering of US$2.39 billion by Housing Development Finance Corporation.

Dentons' London-based Capital Markets partner, and Head of the Dentons Banking and Financial Services Division, Nick Hayday, said: "We are delighted to have been involved in one of the most significant and high-profile mergers in Indian history. This transaction is a further example of Dentons' ability to mobilise resources to advise on complex cross-border capital markets transactions. With the recent combination of Dentons with Link Legal, we look forward to continuing to expand our offering of legal services in the Indian market."

Nick Hayday managed the Dentons relationship with HDFC. London-based Capital Markets partner Victoria Wyer led on the matter, supported by associate Tom Breheny and trainee Daniel Kaye.

On 15 May 2023, Dentons launched its combination with leading Indian law firm, Link Legal. Dentons is the first global law firm to combine with a law firm in India, giving the combined firm a first-mover advantage to connect clients to opportunities in a vibrant and fast-growing economy. Dentons Link Legal is a leading full-service law firm with more than 19 practice areas and 150 lawyers and professionals, including more than 40 partners. With five offices, Dentons can now connect its clients to leading Indian talent across India.

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