Mortgage lender HDFC has sold 31 million shares or 4.23% stake in its subsidiary Gruh Finance, to comply with the RBI requirement for facilitating the proposed merger of the housing finance arm with Bandhan Bank.
According to Bulk deal data from exchange, Soeiete Generale bought 4.19 million shares valued at ₹121.51 crore for ₹290 a piece. Other Buyers were not known.
The stock hit an intraday low of ₹285.30 and fell as much as 7.5%. However, they later recouped some losses and the shares closed 5.40% lower to ₹291.85, while the benchmark BSE Sensex lost 0.73% to close at 39452.07 points.
Housing Development Finance Corp. offered 31 million shares of Gruh Finance Ltd. in a placement worth $129 million based on floor price of ₹290 a share, according to terms for the deal obtained by Bloomberg. Citigroup is the banker to the deal.
Last month, Gruh Finance Ltd stock fell after 32.59 million shares, or 4.44% stake of the company, changed hands in a series of block deals. Soeiete Generale and Nomura India Investment Fund Mother Fund bought 5.19 million and 8.95 million respectively. In March, Gruh Finance sold 12.2 million shares.
As of March, HDFC held 411.56 million shares or 56.09% stake in the company and after the series of stake sale, the promoter will hold 347.97 million shares or 47.43%.