The Hindu Business Line : HDFC sells 2.2 pc stake in Canfin Homes

HDFC sold about 4.51 lakh shares between September 2 and November 18 this year. However, the CFHL Managing Director, Mr K. Venkatramiah, said the sale was to different buyers. He said, "All the deals were done in the open market." Canara Bank currently holds 29.32 per cent stake in the company.

HDFC till the end of the second quarter of this year held a 5.14-per cent stake in Canfin Homes comprising about 10.54 lakh shares. After the sale, HDFC's stake in CFHL dropped to 4.77 per cent of the paid-up equity. The last block sale consisting of 42,116 shares was made on November 18. On that day, the closing price for the stock was Rs 49.80. When HDFC began selling its stake on September 2, the price was around Rs 51 per share. Besides HDFC, other financial institutions holding stake in CFHL are National Housing Bank, Oriental Insurance Company Ltd and New India Assurance Company Ltd. These institutions together hold a stake of 5.87 per cent. In addition, foreign institutional investor, Mirae Asset Management Company holds a stake 2.8 per cent in CFHL.

Canfin Homes, for the second quarter, showed a net profit for Rs 5.57 crore on gross revenue of Rs 36 crore and earnings per share of Rs 2.72.

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