HDFC Bank Ltd has informed BSE that the Board of Directors of the Bank at its meeting held on February 25, 2008, has considered the following:

1. Merger of Centurion Bank of Punjab Ltd with HDFC Bank Ltd:

Based on the joint valuation report submitted by Ernst & Young Pvt Ltd and M/s. Dalal & Shah, Chartered Accountants, the Board has approved the share swap ratio of 1 (one) equity share of Rs 10/- each of HDFC Bank Ltd for every 29 (twenty nine) equity shares of Re 1/- each held in Centurion Bank of Punjab Ltd. This share swap ratio is subject to due diligence to be conducted in this regard.

2. Proposed preferential offer to Promoters:

The Bank’s Board observed that in the event of the merger of Centurion Bank of Punjab Ltd with HDFC Bank Ltd being approved at its meeting on February 28, 2008, it would consider making a preferential offer to its promoter Housing Development Finance Corporation Ltd (HDFC) to enable HDFC to maintain its shareholding percentage in the Bank.