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HDFC vaults after revising CAMS stake-sale

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rose 1.36% to Rs 1,785.75 at 10:40 IST on after the company said it would now sell 5.1% of equity in to Great Terrain Investment, for Rs 169.52 crore.

The announcement was made after market hours yesterday, 7 March 2018.

Meanwhile, the Sensex was up 10.64 points, or 0.03% to 33,043.73.

On the BSE, 2.23 lakh shares were traded in the counter so far, compared with average daily volumes of 3.22 lakh shares in the past two weeks. The stock had hit a high of Rs 1,798 and a low of Rs 1,772 so far during the day. The stock hit a record high of Rs 1,982 on 29 January 2018. The stock hit a 52-week low of Rs 1,361 on 8 March 2017.

The large-cap company has equity capital of Rs 332.78 crore. Face value per share is Rs 2.

said that pursuant to discussions, the company would now sell 5.1% of equity in (CAMS) to Great Terrain Investment, for Rs 169.52 crore. The transaction is likely to be completed by 30 April 2018. Post the stake sale, will hold a 5.99% stake in CAMS. HDFC has been an investor in CAMS since 2000.

CAMS is a Sebi licensed and transfer agent. The company offers physical touch point for receipt, verification and processing of financial and non-financial transactions. CAMS also provides to mutual fund houses related to subscription, redemption, SIP, transfer and dividend. It also provides services to companies, venture funds, banks and NBFCs. For the financial year ended 31 March 2017, it reported a consolidated operating revenue of Rs 478.30 crore.

It may be recalled that HDFC had on 20 December 2017 approved to sell 6.3% stake in CAMS to Great Terrain Investment, Mauritius, an affiliate of for Rs 209.50 crore.

HDFC's board of directors had approved and declared closure of the (QIP) issue on 5 March 2018. It also determined and approved issue of 1.03 crore shares at Rs 1,825 per share to be allotted to eligible institutional buyers in the QIP. The QIP issue received a good response from the wide range of investors, HDFC said.

HDFC's consolidated net profit surged 144.7% to Rs 6677.06 crore on 35.4% rise in total income to Rs 20294.82 crore in Q3 December 2017 over Q3 December 2016.

HDFC is India's first retail housing company and is currently one of the largest originators of housing loans in the country.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 10:56 IST