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In case you are a shareholder of what from Saturday (July 1) would possibly stop to be the biggest housing financier within the nation — Housing Improvement Finance Company or HDFC Ltd, and your eyes welled up whereas studying the letter from Deepak Parekh, the corporate’s chairman, you might be most likely not alone.
In his final communication to the shareholders of HDFC, Parekh thanked everybody who was a part of this journey. “It’s time to dangle my boots with each anticipation and hope for the longer term. Whereas this will likely be my final communication to shareholders of HDFC, relaxation assured we now stride tall into a really thrilling way forward for development and prosperity,” he wrote within the five-page letter. It concluded with a really sturdy message: “Our historical past can’t be erased and our legacy will likely be taken ahead.”
Taking satisfaction in the truth that one of the crucial complicated transactions and the world’s largest merger in current occasions moved as per timelines, Parekh highlighted how transparency was maintained all through the merger course of.
Accepting that hurdles have been encountered which is “par for the course in such transactions”, Parekh prolonged his thanks to each skilled help he acquired within the journey. “Every time and wherever we reached out for steering, doorways opened and assist was at hand immediately.” He took pleasure in stating that the company has labored with presumably, the nation’s finest authorized groups, chartered accountants, valuers, bankers, advisors and different specialised professionals.
Seamless transition
An integration committee has been arrange and within the subsequent 10 months it might guarantee a seamless transition. “Cross useful groups are laborious at work to make sure that the execution plan and strategic targets are upheld within the merged entity,” Parekh added.
Parekh by no means took the ‘promoter’s’ seat, although the company was based by his uncle HT Parekh. As a substitute, he discovered pleasure and satisfaction in calling himself an worker and therefore, had a message for them as properly. “Know that you’ll all the time carry the indelible mark of ‘HDFC’ with you. That is your period of latest potentialities.”
Parekh is assured that HDFC will all the time have the excellence of being the establishment that launched retail housing finance to the nation. “No establishment in India has the richness of 46 years of understanding the wants of a house mortgage buyer.” With HDFC Financial institution’s huge distribution community, he affirms that it will likely be higher harnessed for each residence loans and the group corporations.
However there’s a observe of warning. “The largest threat organisations face as we speak is staying with the established order, believing what labored properly yesterday will proceed sooner or later.” He’s equally aware that with change, comes the ability of adaptability, development and new aspirations. “The orchestration of this merger is to make sure that the longer term is just not constrained for any of our stakeholders.”
The bar is thus, set excessive for HDFC Financial institution. Parekh believes “… the management staff will forge an period of latest alternatives for the mixed entity.” The financial institution is about to imagine its mega-size beginning Saturday entering into the sneakers of HDFC doyens who’ve held fort for over 30 years. Can it fulfill all stakeholders?