HDFC cuts 3% stake in Bandhan Bank for Rs 1,521 crore
Major housing loan HDFC Ltd on Friday divested just over 3 percent stake in Bandhan Bank, raising Rs 1,522 crore through an open market transaction.
The transaction comes days after HDFC announced a mega merger with its banking arm HDFC Bank.
According to bulk data available from the BSE, Housing Development Finance Corporation (HDFC) has sold 4,96,32,349 shares of its Bandhan Bank holding company, representing a 3.08 percent stake.
The shares were sold at an average price of Rs 306.61 each, valuing the transaction at Rs 1,521.77 crore.
HDFC, a public shareholder of Bandhan Bank, held a 9.89 percent stake in the private lender at the end of the December quarter, the exchange’s stock data shows.
Meanwhile, Societe Generale picked up over 1.9 crore shares of the bank for Rs 306.55 each against an estimated Rs 585 crore.
Bandhan Bank’s scrip closed 2.60 percent higher at Rs 323.75 on the BSE.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)
