HDFC sells 4.96 crore shares in Bandhan Bank via bulk deal

BL Mumbai Bureau | Updated on: Apr 08, 2022

\ | Photo Credit: RUPAK DE CHOWDHURI

Move is aimed ahead of merger with HDFC Bank

Updated for web and print

HDFC Ltd has sold 4.96 crore shares in Bandhan Bank on Friday through a bulk deal.

According to the data with BSE, HDFC Ltd sold the shares at ₹306.61 apiece. The share sale amounts to about 3.1 per cent stake of HDFC in Bandhan Bank.

As of December 31, 2021, HDFC Ltd held 15.93 crore shares amounting to 9.89 per cent stake in Bandhan Bank.

The move comes soon after the announcement of HDFC Ltd merger with HDFC Bank. For the purpose, HDFC Ltd will have to pare its stake in Bandhan Bank to less than 5 per cent to meet the current regulatory norms.

The merger completion process is still some time away, and is expected to be over by the second or third quarter of 2023-24.

Bandhan Bank scrip closed 2.6 per cent higher at ₹323.75 apiece.

Published on April 08, 2022
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