Housing Development Finance Corporation (HDFC) said that it will acquire 4,98,750 equity shares, representing 19.95% stake, of Rs 10 each of Renaissance Investment Solutions ARC.
Renaissance Investment will undertake the business of asset reconstruction, subject to receipt of approval from RBI.
The acquisition is being done for a cash consideration of Rs 49,87,500. The corporation expects to complete the said acquisition by 30 November 2020.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India.
The housing finance major's net profit declined 27.55% to Rs 2,870.12 crore in Q2 September 2020 from Rs 3,961.53 crore in Q2 September 2019. Total income stood at Rs 11,732.70 crore in Q2 FY21, falling 13% from Rs 13,494.12 crore in Q2 FY20.
The scrip shed 0.65% to currently trade at Rs 2203.25 on the BSE. It traded in the range of 2192 and 2252.45 so far during the day.
On a year-to-date (YTD), the stock has lost 8.81% while the benchmark S&P BSE Sensex rose 6.94% during the same period.
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