09 Apr , 2022 By : Kanchan Joshi
NBFC-giant HDFC offloads more than 3% stake in Bandhan Bank through a block deal in the secondary market on Friday.
Block deal data on BSE showed that HDFC sold a total of 49,632,349 equity shares or 3.08% in Bandhan Bank at Rs306.61 apiece. That said, the divestment aggregated to nearly Rs1,522 crore.
In its regulatory filing on BSE today, HDFC said, "We now wish to inform you that out of the above-mentioned shares, the Corporation has sold 7,96,32,349 equity shares representing 4.94% of the paid-up share capital of Bandhan, which includes the sale of 4,96,32,349 equity shares representing 3.08% of the paid-up share capital of Bandhan done on April 8, 2022."
In October 2019, HDFC acquired 15,93,63,149 equity shares or 9.898% of paid-up share capital in Bandhan Bank. HDFC received these shares from Bandhan on account of the merger of GRUH Finance with Bandhan and in line with the share exchange ratio mentioned in the scheme of merger.
However, post the block deal, HDFC now holds 4.95% of the paid-up share capital of Bandhan.
On the other hand, in today's block deal on BSE, French multinational investment bank, Societe Generale picked up 19,081,469 equity shares at Rs306.55 apiece - taking the consideration to nearly Rs585 crore.
On BSE, Bandhan Bank shares closed at Rs323.75 apiece up by 2.60%, while HDFC settled at Rs2458.10 apiece marginally down from the previous closing.
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