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This article is more than 2 year old.

Gruh Finance shares dive 7% after block deals; HDFC likely seller

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The stake sale may be done at a floor price of Rs 290 per share, multiple sources told CNBC-TV18, requesting anonymity. The base deal size is expected to be around 3 crore shares with an upsize option.

Gruh Finance shares dive 7% after block deals; HDFC likely seller
Shares of Gruh Finance fell nearly 7 percent on Friday following multiple block deals on stock exchanges. CNBC-TV18 had reported on June 13 that Housing Development Finance Corporation was likely to sell a 4.2 percent stake in the housing finance unit to comply with a requirement by the Reserve Bank of India (RBI) to facilitate the latter’s merger with Bandhan Bank.
According to NSE data, over 3.24 crore Gurh Finance shares, representing a 4.42 percent stake, were exchanged in multiple block deals earlier today for a total value of about Rs 940 crore.
Gurh Finance shares fell as much as Rs 286.05 per share intraday on the NSE. At 10:10 AM, the stock was trading 5.9 percent lower at Rs 288.95 per share, while the Nifty 50 was down 0.36 percent at 11,871.55.
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.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions
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