NEW DELHI: Mortgage lender HDFC has sold 6.10 % 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. The average price was ₹260.07 apiece for shares sold on March 28 and ₹310.126 apiece for shares sold on Friday (May 24), HDFC said in a regulatory filing. Break-up wise, HDFC had sold 1,22,00,000 shares (1.66%) in March and the balance 3,25,86,774 shares (4.44%) were sold on Friday. Thus, HDFC has mopped up ₹1,327.89 crore by selling the stake in Gruh Finance. Shares of HDFC closed 0.56% higher at ₹2,127.50 apiece on the BSE, while Gruh Finance was down 4.42% at ₹313.30.
Source: Mint May 24, 2019 16:10 UTC