7 January 2019 Post amalgamation, Bandhan will have strong presence in the affordable housing segment. This will also help Bandhan to increase its reach in the western region. Promoter shareholding of Bandhan will fall to 61% v/s 82.3% as of now. This will take Bandhan a step closer to fulfil the 40% promoter shareholding requirement. The biggest advantage for GRHF is access to a stable source of funding and ability to expand its presence in the eastern region on the back of Bandhans branch network. HDFC Ltd will become the largest shareholder (Post Promoter) of Bandhan with ~15% shareholding. According to regulations, HDFC Ltd can a maximum hold 9.9% in any banking entity, subject to regulatory approval, and hence, we expect at least ~5% stake sale in future from HDFC Ltd in Bandhan (~INR40b based on combined MCAP of INR806b).