On January 7, this year, the board of directors of Gruh Finance, a listed subsidiary of the housing finance company, had approved the scheme of amalgamation of Gruh with Bandhan Bank.
In April 2019, the Reserve Bank of India (RBI) had allowed HDFC
to acquire up to 9.9 per cent of the paid-up voting equity capital of Bandhan upon the effective date of the scheme. As of June 30, 2019, HDFC held 47.43 per cent stake in Gruh Finance.
At 09:30 am, Gruh Finance was trading 5 per cent higher at Rs 262 on the NSE. In comparison, the benchmark Nifty50 index was up 0.48 per cent at 11,001.