---
endpoint: analytics
pattern: Financial Services
status: done
latency_ms: 135553
conversation_id: 25e43436-0107-47bf-a86d-aed003951012
citations: 5
created: 2026-05-31 18:29:37Z
---

# Who are the key shareholders of HDFC Bank?

# Key Shareholders of HDFC Bank

HDFC Bank's shareholder structure was fundamentally reshaped by the July 1, 2023 merger with its former parent, Housing Development Finance Corporation Limited ("HDFC Limited"). The picture today is best understood in two halves: pre-merger (HDFC Limited as the promoter-shareholder) and post-merger (no promoter; broad-based holding with a few large institutional stakes).

## Post-Merger Status (Most Recent — FY2024)

Following the amalgamation effective **July 1, 2023**, HDFC Limited was dissolved without being wound up, and as a result **the Bank has no promoter** [3]. HDFC Limited's shares were cancelled in the transaction, leaving the Bank without a sponsor or any single dominant shareholder [2].

The only shareholder beneficially owning **≥5% of equity** as disclosed by HDFC Bank as of **March 31, 2024** [1]:

| Shareholder | Number of Equity Shares | % of Total Equity |
|---|---|---|
| **SBI Funds Management Limited (SBIFML)** | 440,585,075 | **5.8%** |
| Directors and relatives (as a group) | 12,341,192 | 0.16% |
| HDFC Group (former promoter) | n/a (cancelled in merger) | n/a |

## Other Material Approvals Granted by the RBI

Beyond the disclosed 5%+ holders, the RBI has authorized two large domestic institutions to build sizeable stakes — these are the most-watched future major shareholders:

- **SBI Funds Management Limited (SBIFML)** — RBI letter dated **May 16, 2023** approved acquisition of an aggregate holding of up to **9.99%** of paid-up share capital / voting rights, subject to remaining below 10% at all times [4]. SBIFML has already crossed the 5% disclosure threshold (5.8% as of March 31, 2024) [1].
- **Life Insurance Corporation of India (LIC)** — RBI letter dated **January 25, 2024** approved LIC to acquire an aggregate holding of up to **9.99%** of paid-up share capital / voting rights, with the approval lapsing if not exercised within one year [4].

Going forward, "one or more other existing or new shareholders may, in the future, seek to acquire large stakes in the Bank" with RBI approval [2].

## Pre-Merger Reference Point (Historical)

Before the merger, the dominant shareholder was the HDFC Group (HDFC Limited plus its subsidiaries) — the Bank's founding promoter. Its holding was remarkably stable in the ~21% range for nearly a decade:

| As of March 31 | HDFC Group Holding |
|---|---|
| 2023 (last full year as promoter) | **20.87%** [5] |
| 2022 | 21.00% |
| 2021 | 21.10% |
| 2020 | 21.24% |
| 2019 | 21.38% |

Source: HDFC Bank Annual Reports (Form 20-F filings).

## ADR / Foreign Holding Structure

A substantial portion of HDFC Bank's equity is held in **American Depositary Shares (ADSs)** — one ADS represents three equity shares, with **JPMorgan Chase Bank, N.A.** as the depositary. As of March 31, 2023 (last reported), 1,028,115,525 equity shares (~18.43% of share capital) were held in ADS form, with JPMorgan as the sole shareholder of record for those underlying shares [5]. The remainder is held by the diffuse base of foreign institutional investors (FIIs), domestic institutional investors (DIIs including mutual funds, insurers, banks), and retail / public shareholders that resulted from the cancellation of HDFC Limited's stake at the merger.

## Bottom Line

Post-merger, HDFC Bank is effectively a **widely-held bank with no controlling shareholder**:

- **No promoter** — HDFC Limited (former 20.83% promoter) ceased to exist on July 1, 2023 [3].
- **Only one disclosed 5%+ holder** as of FY24: **SBI Funds Management Limited at 5.8%** [1].
- **LIC has RBI approval to build to 9.99%** [4]; SBIFML also has approval to go to 9.99% [4].
- ~18%+ of equity sits in the **JPMorgan-administered ADR program** [5].
- The remainder is a diffuse mix of FIIs, DIIs (mutual funds / insurers), and retail investors — no single block of size beyond the disclosures above.

---
**Sources**
[1] HDFC Bank Annual Report 2024 — Principal Shareholders table (FY22/FY23/FY24 comparative)
[2] HDFC Bank Annual Report 2024 — Post-merger governance / shareholder risk factors
[3] HDFC Bank Annual Report 2024 — Principal Shareholders section (post-amalgamation status)
[4] HDFC Bank Annual Report 2024 — RBI approvals for SBIFML and LIC
[5] HDFC Bank Annual Report 2023 — Pre-merger HDFC Group holding (20.87% as of March 31, 2023)

## Citations

- [1] **Annual Report 2024** · external
- [2] **Annual Report 2024** · external
- [3] **Annual Report 2024** · external
- [4] **Annual Report 2024** · external
- [5] **Annual Report 2023** · external

