HDFC Sells 10% Stake In HCAL To Abu Dhabi Investment Authority For Rs 184 Crore
The country's largest mortgage lender HDFC Ltd on Thursday said it has sold 10 per cent 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.
In April, Housing Development Finance Corporation (HDFC) had entered into a share purchase agreement for sale of 2,35,019 equity shares of HCAL, representing 10 per cent of paid-up share capital, to a wholly-owned subsidiary of Abu Dhabi Investment Authority.
"We wish to inform you that the corporation has on May 25, 2022 concluded the sale, at a price of Rs 7,841.49 per equity share, aggregating to a consideration of Rs 184.29 crore," HDFC said in a regulatory filing.
Pursuant to this sale, HCAL has ceased to be a wholly-owned subsidiary of HDFC. However, it continues to be a subsidiary of the corporation, it added.
Stock of HDFC traded at Rs 2,282 apiece on BSE during noon trade, up by 1.99 per cent from previous close.Â
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