Money & Banking

HDFC sells 6.74-cr shares in Gruh Fin

Our Bureau Mumbai | Updated on September 26, 2019 Published on August 30, 2019

HDFC’s revenue from operations rose 30.6 per cent in the quarter

Housing Development Finance Corporation (HDFC), on Friday, sold another 6.74 crore shares in Gruh Finance, and said it will not require to sell further stake in the company.

The move comes as part of the merger of Gruh Finance with Bandhan Bank, for which the Reserve Bank of India had mandated that HDFC will have to lower its stake to 9.9 per cent in the merged entity.

This stake-sale amounted to 9.18 per cent of the issued and paid-up capital of Gruh Finance.

The sale was carried out through stock exchanges, and the average price of the equity share was ₹247.15 apiece.

“Post this sale, the corporation would not be required to sell any further shares of Gruh, pursuant to the aforesaid directive of RBI,” HDFC said in a regulatory filing. It had previously sold on two occasions – May 24 and June 14 – a total of 7.57 crore shares of Gruh.

Published on August 30, 2019
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