HDFC in a regulatory filing said that the sale of 3.1 crore shares of Gruh was carried out through stock exchanges at the prevailing market price. The average price was Rs 290.14 apiece, it added. The Gruh Finance stake sale earned HDFC Rs 899.43 crore.
HDFC further in a filing said, “Post the completion of the aforesaid sale of shares, Gruh Finance would cease to be a subsidiary of the corporation.”
HDFC is entitled to hold 14.96 percent stake in Bandhan Bank after the private lender’s merger with Gruh Finance, according to the share swap ratio for the deal. The Reserve Bank of India, however, has directed HDFC to hold 9.9 percent or less of the paid-up capital of Bandhan Bank.
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On Friday, HDFC said, “in view of this, the corporation is required to sell a such number of shares in Gruh so as to be entitled to 9.9 percent of the post-amalgamation paid-up capital of Bandhan. The sale reported under this disclosure is a part of the said transaction.”