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Block deal in HDFC Bank

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Our Bureau

Mumbai, March 10

INDIA Private Equity Fund (Mauritius) on Thursday sold its entire stake of more than 4 per cent in HDFC Bank. The stake was sold by the fund in the open market and Deutsche Securities bought the entire stake.

The deal was struck (for 1.16 crore shares representing 4.06 per cent) in early part of the day at Rs 615 per share on the BSE and the total value of the transaction works out to Rs 716 crore.

However, there was not much change in the stock price; the stock ended 0.5 per cent lower at Rs 615.10 on the BSE with volumes of 1.17 crore shares and on the NSE, closed at Rs 615.40, down 1.4 per cent with volumes of 2.28 lakh shares.

Brokers said this deal does not signify anything major from the stock price movement as a big private equity investor has exited and another investor has come in. An analysts with a foreign broking firm said today's deal has been struck at close to 52-week high level and it shows that the buyer finds good value in the stock.

The bank recently concluded its American Depository Shares (ADS) at $39.26. Each ADS represented 3 shares. Brokers said the today's deal is at slight premium to the ADS price.

(This article was published in the Business Line print edition dated March 11, 2005)
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