HDFC Divests 10% Stake In HDFC Capital Advisors To Abu Dhabi Investment Authority For Rs 184 Crore

Follow to know about the country's largest mortgage lender HDFC Ltd selling 10% of its stake in HCAL.

PTI @PTI_News

26 May 2022, 05:03 PM IST

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The country's largest mortgage lender HDFC Ltd. on Thursday said it has sold 10% of its stake in HDFC Capital Advisors Ltd. to Abu Dhabi Investment Authority for Rs 184 crore.

With this, HCAL ceases to be a wholly-owned subsidiary of HDFC.

In April, Housing Development Finance Corporation had entered into a share purchase agreement for sale of 2,35,019 equity shares of HCAL, representing 10% of paid-up share capital, to a wholly-owned subsidiary of Abu Dhabi Investment Authority.

"We wish to inform you that the corporation has on May 25, 2022 concluded the sale, at a price of Rs 7,841.49 per equity share, aggregating to a consideration of Rs 184.29 crore," HDFC said in a regulatory filing.

Pursuant to this sale, HCAL has ceased to be a wholly-owned subsidiary of HDFC. However, it continues to be a subsidiary of the corporation, it added.

Stock of HDFC traded at Rs 2,282 apiece on bombay stock exchange during noon trade, up by 1.99% from previous close.