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This article is more than 2 year old.

HDFC sells 4.2% stake in Gruh Finance for Rs 900 crore

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 Housing Development Finance Corporation said it has sold 4.2 percent sytake in its housing finance unit Gruh Finance at price of Rs 290.14 per share for an aggregate amount of Rs 899.4 crore.

HDFC sells 4.2% stake in Gruh Finance for Rs 900 crore
Housing Development Finance Corporation said it has sold 4.2 percent stake in its housing finance unit Gruh Finance at price of Rs 290.14 per share for an aggregate amount of Rs 899.4 crore.
CNBC-TV18 had reported on June 13 that the private lender is looking to sell the stake in the unit to comply with a requirement by the Reserve Bank of India (RBI) to facilitate the latter’s merger with Bandhan Bank.
HDFC has been gradually reducing stake in Gruh Finance, its low-cost offshoot, to facilitate its merger with Bandhan Bank. HDFC sold more than 4.47 crore equity shares representing 6.10 percent of paid-up capital of Gruh on May 24, 2019.
HDFC can hold no more than 9.9 percent in the bank — the limit that RBI allows a non-banking finance company to own in a private bank — according to an exchange filing in May. HDFC had sought approval for holding 14.96 percent.
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