Housing Development Finance Corporation (HDFC) has sold 6.10% stake or 4,47,86,774 equity shares in its subsidiary -- Gruh Finance, to comply with the RBI requirement for facilitating the proposed merger of the housing finance arm with Bandhan Bank.
Of the total, the company had sold 1,22,00,000 shares (1.66%) in March and the balance 3,25,86,774 shares (4.44%) were sold on May 24. The average price was Rs 260.07 apiece for shares sold on March 28 and Rs 310.126 apiece for shares sold on May 24. The sale was carried out through stock exchanges at the prevailing market price.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
