The country’s largest mortgage lender, HDFC Ltd, said Thursday it has sold 10 percent of its stake in HDFC Capital Advisors Ltd (HCAL) to Abu Dhabi Investment Authority for Rs 184 crore.
With this, HCAL ceases to be a wholly owned subsidiary of HDFC.
By April, Housing Development Finance Corporation (HDFC) had entered into a share purchase agreement for the sale of 2,35,019 shares of HCAL, representing 10 percent of the paid-up share capital, to a wholly owned subsidiary of Abu Dhabi Investment Authority.
“We would like to inform you that the company completed the sale on May 25, 2022, at a price of Rs 7,841.49 per share, added up to a consideration of Rs 184.29 crore,” HDFC said in a regulatory filing.
As a result of this sale, HCAL is no longer a wholly owned subsidiary of HDFC. However, it remains a subsidiary of the company, it added.
HDFC stock traded at Rs 2,282 each on BSE during afternoon trading, up 1.99 percent from the previous close.