Gruh Finance shares rallied 8 percent on Friday on a report the country's largest mortgage lender HDFC is likely to sell 9.2 percent in the company for Rs 1,678 crore. As per the Economic Times report, the sale of 67.4 million shares is expected to happen at a floor price of Rs 243 to Rs 249 per share in the open market on Friday.
At 09:22 AM, Gruh Finance's shares were trading 4.89 percent higher at Rs 261.80 per share on the NSE. Intraday, the stock rose 8 percent at Rs 269.70.
In January, the Reserve Bank of India approved the merger of Bandhan Bank and Gruh Finance and directed HDFC to hold 9.9 percent or less in Bandhan Bank post the merger.
HDFC has been gradually reducing its stake in Gruh Finance to facilitate its merger with Bandhan Bank. In June, it sold 4.2 percent stake in Gruh at a price of Rs 290.14 per share for an aggregate amount of Rs 899.4 crore. Again in the month of May, HDFC sold more than 4.47 crore equity shares representing 6.10 percent of paid-up capital of Gruh. In total, the bank has to bring down its stake to 40 percent to meet RBI's norms.
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First Published: Aug 30, 2019 9:56 AM IST
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