HDFC sells 3% stake in Bandhan Bank via bulk deals

Housing Development Finance Corporation sold 3.08% stake in the bank via bulk deal on Friday, 8 April 2022.

As per the bulk deal data on the BSE, Housing Development Finance Corporation sold 4,96,32,349 shares (3.08% equity) at an average price of Rs 306.61 per share on Friday, 8 April 2022. The divestment aggregated to nearly Rs 1,522 crore.

The Corporation announced that it has now sold a total 7,96,32,349 equity shares of Bandhan Bank representing 4.94% of the paid-up share capital, including bulk deal carried out on Friday. As of 31 December 2021, HDFC held 9.89% stake in private sector bank.

Meanwhile on the same day, Societe Generale bought 1,90,81,469 shares or 1.18% stake at an average price of Rs 306.55.

In October 2019, HDFC had acquired 15,93,63,149 equity shares or 9.898% of Bandhan Bank on account of the merger of GRUH Finance with Bandhan. The acquisition was in line with the share exchange ratio mentioned in the scheme of merger.

Earlier last week, the board of Housing Development Finance Corporation (HDFC) approved a composite scheme of amalgamation of HDFC into HDFC Bank, and their respective shareholders and creditors. The subsidiaries and associates of HDFC will shift to HDFC Bank. Shareholders of HDFC as on the record date will receive 42 shares of HDFC Bank (each of face value of Re 1), for 25 shares held in HDFC (each of face value of Rs 2), and the equity share(s) held by HDFC in HDFC Bank will be extinguished as per the Scheme.

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 company's standalone net profit rose 11.44% to Rs 3,260.69 crore on 0.65% increase in total income to Rs 11792.21 crore in Q3 FY22 over Q3 FY21.

Shares of HDFC ended 0.18% lower at Rs 2,458.1 on Friday.

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