Mortgage lender HDFC Ltd on Monday said it will acquire 9.90 per cent stake in Kerala-based infrastructure fund management company KIFML.
"...the Corporation has today invested in 3,88,303 equity shares of Rs 10 each of Kerala Infrastructure Fund Management Limited representing 9.90 per cent of its share capital issued on a private placement basis," HDFC said in a regulatory filing.
The cost of acquisition is at par, that is at the face value of Rs 10 per share, it said, adding the acquisition is expected to be completed in one month.
KIFML was promoted by the Kerala Infrastructure Investment Fund Board (KIIFB) to manage Kerala Infrastructure Fund. The company, incorporated in November 2018, acts as an asset management company.
The networth of KIFML was Rs 1.88 crore as on March 31, 2020.
HDFC Ltd stock closed at Rs 2,446.00 apiece on BSE, down 3.36 per cent from previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.