GRUH Finance jumps 6% on report of HDFC’s plan to sell 9.2% stake in co. in open market

Housing Development Finance Corporation (HDFC) Ltd. will raise Rs1,678cr by selling 9.2% in Gruh Finance, an ET report said early Friday.

The sale will involve 67.4mn shares at a floor price of Rs243-249/share in the open market on Friday, as per the report.

In January 2019, the boards of Bandhan Bank and Gruh Finance approved the merger. So far, HDFC has sold more than 10% stake in the housing finance arm via two transactions in the open market in its efforts to follow the RBI order of holding less than 9.99% in arm to allow Gruh’s merger with Bandhan Bank.

HDFC Ltd. held more than 47% in Gruh Finance as of June 30, 2019.

Housing Development Finance Corporation Ltd ended at Rs2,128.55 down by Rs58.85 or 2.69% from its previous closing of Rs2,187.40 on the BSE.

The scrip opened at Rs2,175.10 and touched a high and low of Rs2,176.40 and Rs2,121.05 respectively. A total of 52,39,613 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs3,67,312.71cr.