HDFC will offload some of the 15 percent stake in Bandhan Bank when there is an opportunity as it is not a strategic investment but a financial investment, said Deepak Parekh, chairman of the housing finance company.
"We do not want to offload it immediately. We will have to talk to the Reserve Bank of India (RBI) and see what their view is," Parekh said.
As per RBI shareholding norms, every bank or any firm which directly owns stake in a bank, whether it is listed or unlisted, has to reduce stake gradually to 10 percent.
The synergies between Gruh and Bandhan are much greater than the synergies between HDFC and Gruh, he said.
"We both are concentrated in western India, we have branches close to each other and our average loans are coming down because of the government incentives," Parekh added.
Kolkata-based Bandhan Bank is set to buy HDFC-owned Gruh Finance
in a share-swap deal. Shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The effective date of the merger shall be January 1, 2019, subject to regulatory approvals.