Amid the HDFC Merger, Deepak Parekh’s Offer Letter Goes Viral: His Salary Revealed!
Written by Sanjay Kumar
News Highlights
- HDFC Bank acquires parent company HDFC, becoming the fourth-largest lender by equity market capitalisation.
- In an emotional farewell letter to employees, Chairman Deepak Parekh resigned from HDFC Bank.
- Unverified offer letter surfaces online, revealing the salary and entitlements of Mr Parekh when he joined HDFC Bank in 1978.
Deepak Parekh
Indian businessman
- Born: 18 October 1944 (age 78 years), Mumbai
- Spouse: Smita Parekh
- Children: Aditya Parekh, Siddharth Parekh
- Education: Sydenham College of Commerce & Economics, St. Xavier’s High School
- Awards: Padma Bhushan
- Parents: Shantilal Parekh
- Siblings: Harsha Parekh
HDFC Bank was in the news recently for taking over its parent, HDFC, a major housing finance firm. This reverse mega-merger resulted in the disappearance of the country’s first home finance company, but it gave rise to a lender that now holds the fourth position in equity market capitalisation.
The merger officially took place on July 1, although a day prior to that, Chairman Deepak Parekh resigned and his heartfelt farewell letter to the employees went viral, marking the end of his tenure. In the letter, Mr. Parekh expressed that it was finally “time to hang my boots.”
Recently, an offer letter has surfaced online, which some claim to be the same letter Mr. Parekh received when he joined HDFC Bank. The letter is dated July 19, 1978, and indicates that Mr Parekh was appointed as Deputy General Manager.
It is important to note that Innovative Zone Magazine cannot verify the authenticity of this letter.
According to the contents of the letter, Mr. Parekh’s basic salary at the time was ₹3,500, along with an additional ₹500 as dearness allowance. Additionally, he was entitled to a 15% housing rent allowance (HRA) and a city compensatory allowance of 10%.
Furthermore, Mr Parekh was eligible for the corporation’s Provident Fund, gratuity, medical benefits, and leave travel facilities. The letter also stated that HDFC would reimburse the expenses of his residential telephone.
This merger between HDFC Bank and HDFC is being hailed as the largest transaction in India’s corporate history. The agreement, finalized on April 4 of the previous year, involved HDFC Bank acquiring the leading domestic mortgage lender for approximately $40 billion, resulting in the creation of a financial services powerhouse.
The newly formed entity now boasts a combined asset base of around INR 18 lakh crore.
With the completion of the deal, HDFC Bank is now 100% owned by public shareholders, while the existing shareholders of HDFC retain a 41% ownership stake in the bank.
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