HDFC Bank 🤝🏻 HDFC, Adani is now worth $100 Bn 🤑, Musk's 9.2% in Twitter🐥

HDFC Bank Ltd acquires HDFC, Gautam Adani - the newest $100 billion man, Elon Musk Takes 9.2% Stake in Twitter, Funding Deals & more.

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Apr 05, 2022

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HDFC Bank, HDFC merge in mother of all M&A deals👑

HDFC Bank Ltd, India’s most valuable lender, agreed to acquire its parent and the country’s largest mortgage lender Housing Development Finance Corp. Ltd (HDFC) for about $64 billion in an all-stock deal to create a $160 billion financial services behemoth that will be better positioned to tap soaring demand for home loans.

The merger, expected to close in 18 months, would significantly widen the bank’s lead over rival private sector peers ICICI Bank Ltd and Axis Bank Ltd in terms of total assets.

HDFC Chairman Deepak Paresh addressed a press conference on the merger.

The merged HDFC Bank would have a loan book of ₹17.9 trillion, much ahead of ₹8.14 trillion of ICICI Bank and ₹6.65 trillion of Axis Bank. India’s largest lender SBI had total loans of ₹26.64 trillion at the end of December.

The merger of the two entities comes as the Reserve Bank of India (RBI) steadily tightens norms for non-bank lenders to bring them on par with banks, leaving little incentive for large shadow banks to operate independently.

Gautam Adani joins Elon Musk, Jeff Bezos, and others as the newest $100 billion man🤑

The world has a new centibillionaire.

India’s Gautam Adani has reached a net worth of $100 billion, according to the Bloomberg Billionaires Index. He and nine other people, including Elon Musk and Jeff Bezos, currently have a net worth of at least $100 billion.

Rising stock markets, particularly in India, over the past 12 months have helped drive Mr. Adani’s net worth sharply higher. Adani Group is composed of seven publicly listed entities with a combined market capitalization of about $188 billion. One of the publicly traded companies, Adani Enterprises Ltd., has risen more than 80% over the past 12 months.

Mr. Adani’s net worth topped $100 billion on Monday, up from $57 billion a year ago.

Mr. Adani pushed India’s Mukesh Ambani—chairman of Reliance Industries Ltd., which engages in the energy and telecommunications sectors—off the ranking’s top 10 list. His net worth is $99 billion.

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Elon Musk becomes Twitter’s largest shareholder🌟

Tesla Inc Chief Executive Officer Elon Musk has built a 9.2% stake in Twitter Inc a regulatory filing showed on Monday, potentially making him the biggest stakeholder in the micro-blogging site.

Twitter shares soared 26% in premarket trading after the filing, which comes close on the heels of Musk tweeting that he was giving "serious thought" to building a new social media platform.

Elon Musk Acquires $2.89 Billion Twitter Stake

The purchase appears to make Mr. Musk Twitter’s largest shareholder, ahead of the 8.8 percent stake owned by the mutual-fund company Vanguard and dwarfing the 2.3 percent stake of Jack Dorsey, Twitter’s former chief executive.

Musk, a prolific user of Twitter, has over 80 million followers on the site since joining in 2009 and has used the platform to make several announcements, including teasing a go-private deal for Tesla that landed him under regulatory scrutiny.

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