Earlier, on May 25, the housing finance company had sold 32.59 million equity shares, representing 4.40 per cent of the paid-up capital of Gruh Finance
at price of Rs 310 per share. Nomura India Investment Fund Mother Fund and Society Generale bought partial of these stakes via block deals.
While on March 28, HDFC
had sold 12.2 million shares of Gruh Finance
at a price of Rs 260 per share.
"The Corporation (HDFC) being a shareholder of Gruh Finance is entitled to 14.96 per cent of post-amalgamation paid-up capital of Bandhan Bank, based on the share exchange ratio. However, the Reserve Bank of India (RBI) has directed the Corporation to hold 9.9 per cent or less of the paid-up capital of Bandhan, post the merger,” HDFC
had said in a regulatory filing on May 24.
"In view of this, the Corporation is required to sell such number of shares in Gruh Finance so as to be entitled to 9.9 per cent of the post amalgamation paid up capital of Bandhan," HDFC
At 09:57 am, Gruh Finance was trading 6.5 per cent lower at Rs 288 on the BSE. Bandhan Bank
was down 2 per cent at Rs 534, while HDFC down marginally by 0.54 per cent at Rs 2,185. In comparison, the S&P BSE Sensex
was down 0.33 per cent to 39,610 points.