Housing Development Finance Corporation (HDFC) slipped 0.40% to Rs 2456.40 after it informed that individual loans sold in the preceding 12 months amounted to Rs 21,066 crore compared to Rs 22,732 crore in the previous year.
During the December'19 quarter, HDFC assigned loans amounting to Rs 4,258 crore compared to Rs 6,959 crore in December 2018 quarter. All the loans assigned during the quarter ended on 31 December 2019 were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between HDFC and the Bank.
HDFC also informed that it has recorded a fair value gain of Rs 9,020 crore from Gruh Finance and Bandhan Bank merger.
Income from dividend was at Rs 4 crore in December 2019 quarter compared to Rs 2 crore in December 2018 quarter.
At the end of Q2 September 2019, HDFC's stake in GRUH Finance was 38% and accordingly was classified as an associate company.
The effective date of the merger of GRUH into and with Bandhan Bank was 17 October 2019 and the Corporation was allocated 15.93 crore shares aggregating to 9.898% of the total share capital of the Bank.
HDFC's main business is financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes.
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