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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The Housing Development Finance Corporation has sold 6.1 per cent stake amounting to 4.47 crore shares in Gruh Finance to comply with the RBI directions following the merger of the housing finance company with Bandhan Bank.
“... in relation to the proposed scheme of amalgamation between Gruh and Bandhan Bank, the RBI had granted its approval to the Corporation to acquire and hold only 9.9 per cent or less of the paid-up share capital of Bandhan as against its entitlement of 14.96 per cent of the paid-up share capital of Bandhan,” HDFC said in a regulatory filing on Friday.
It further said that the sale was carried out on the stock exchanges with 1.22 crore shares, or 1.66 per cent stake, on March 28 at an average price of ₹260.07 apiece. It sold the balance 3.25 crore shares, or 4.44 per cent, of the holding on May 24 at an average price of ₹310.126 a share. The transaction has also been approved by the National Housing Bank.
Gruh continues to remain a subsidiary of the Corporation, HDFC further said.
Following the announcement, shares of Gruh Finance fell 4.42 per cent and closed at ₹313.30 apiece on the BSE.
The HDFC scrip remained flat and closed at ₹2,127.5 apiece, while Bandhan Bank’s shares fell 2.59 per cent to settle at ₹597.25.
The RBI had in March approved the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank following an announcement in January to this effect.
At that time, HDFC Chairman Deepak Parekh had expressed hope that the RBI will accept its ‘financial investment’ post merger as it also holds stake in HDFC Bank.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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