HDFC pares 2.18% stake in Siti Networks

The housing finance major on Thursday announced that it has sold 1,90,11,237 equity shares, representing 2.18% stake in Siti Networks (Siti).

Post the sale, Housing Development Finance Corporation (HDFC) would hold 7,53,74,763 equity shares of Rs 1 each of Siti representing 8.64% of its paid-up share capital.

The company said that the shares have been sold on various dates starting 1 June 2022 including sale of 31,10,083 equity shares representing 0.36% of the paid-up share capital of Siti on 28 December 2022.

HDFC stated that the shares were being sold at a price consideration of Rs 3.67 crore.

Siti was incorporated in the state of Maharashtra, India. The company is engaged in distribution of television channels through digital cable distribution network and allied services. For the financial year ended on 31 March 2022, the consolidated revenue of the comany stood at Rs 1,461 crore and its total assets was Rs 1,650 crore

HDFC is a leading provider of housing finance in India. Its distribution network spans 709 outlets which include 212 offices of HDFC's distribution company, HDFC Sales (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank and third party direct selling associates. The corporation also has online digital platforms for loans and deposits.

The company's standalone net profit rose 17.82% to Rs 4,454.24 crore on 22.98% jump in total income to Rs 15,035.99 crore in Q2 FY23 over Q2 FY22.

Shares of HDFC were down 0.01% to Rs 2,670.75 on the BSE.

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