Dewan Housing Finance Corp Ltd shares jumped more than 4 percent to an intra-day high of Rs 135.80 on Thursday. The mortgage lender's stock rose on reports that the promoters of DHFL have mandated Barclays Group Plc and NM Rothschild to find a buyer to sell a controlling stake.
Wadhawan Global Capital, the holding company of DHFL, has initiated discussions with more than 12 strategic investors in India and abroad, an Economic Times report said, citing people with knowledge of the matter.
Blackstone Group, KKR & Co and Baring Private Equity (Asia), Hero Group, Piramal Group and Fullerton India are among the potential strategic investors that are being targeted, said the ET report. It added that the talks are in initial stages and that the deal process could take time.
DHFL shares were quoted at Rs 134.85, up 3.45 percent at 9.52 am on NSE. The housing finance company stock had opened at Rs 131.45 after its previous close of Rs 130.35.
DHFL shares have surged more than 6 percent over the last two days, triggered by positive developments and value buying, after its 52-week low of Rs 96.80 hit on February 4 earlier this month.
DHFL has plunged sharply from its 52-week high price of Rs 691.50 hit on September 3, 2018. The one-year return on the stock is sharply negative and the stock has lost almost 76 percent in the last one year.
Meanwhile, Nifty Financial Services, comprising of 20 shares, traded with mild gains, up by 0.25 percent. As many as 14 stocks on the sectoral gauge advanced against six declines.
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First Published: Feb 21, 2019 10:14 AM IST
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