The sale was carried out through stock exchanges at the prevailing market price, said HDFC in a notification to the stock exchanges. The average price was Rs 290.14 per share. “Post completion of the aforesaid sale of shares, Gruh would cease to be a subsidiary of the corporation,” said HDFC in the notification.
Bulk deal data on the NSE showed that Société Générale bought 41.9 lakh shares of Gruh Finance at Rs 290 per share.
Shares of Gruh Finance ended down 5.4% at Rs 291.85 on Friday, while HDFC shares ended down 0.7% at Rs 2,182.40.
Gruh Finance is proposed to be merged with Bandhan Bank.
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“The corporation being a shareholder of Gruh is entitled to 14.96% of the post amalgamation paid up capital of Bandhan, based on the share exchange ratio. However, the Reserve Bank of India has directed it to hold 9.9% or less of the paid up capital of Bandhan, post the merger,” said HDFC. The sale reported under this disclosure is part of the said transaction, said HDFC.
HDFC has been selling stake in Gruh Finance to meet the central bank’s requirements. Last month the lender sold 6.10% stake in the company.
Bandhan Bank Q2 profit surges 99% YoY to Rs 972 crore, with help from Gruh Finance
