HDFC Limited Board on Monday approved merger of the country's largest mortgage lender HDFC Limited with the country's largest private lender HDFC Bank. As per the merger details after the deal get requisite approvals from the sharesholder, Sebi, Reserve Bank of India, Competition Commission of India, National Housing Bank, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority and National Company Law Tribunal, the subsidiaries of HDFC will become subsidiaries and associates of HDFC Bank. Shareholders of HDFC Limited as on the record date will receive 42 shares of HDFC Bank and equity shares of HDFC will extinguish.