Gruh Finance tanks 7% on block deals; HDFC likely seller, Blackstone buyer

Volumes on the exchange surged 132 times against two-week average.

Getty Images
HDFC has been selling stake in Gruh Finance to meet the central bank’s requirements.
NEW DELHI: Shares of Gruh Finance tumbled 7 per cent in Friday’s trade amid block deals on the counter.

This is after ET reported that mortgage lender HDFC was likely to sell 4.2 per cent stake in the subsidiary to comply with the requirements laid down by the Reserve Bank of India for facilitating the proposed merger of the housing finance arm with Bandhan Bank.

At 9.30 am, the scrip was trading 6.82 per cent lower at Rs 287.45 on BSE. Volumes on the exchange surged 132 times against two-week average. Sources told ETNow that Blackstone is likely the main buyer. ICICI Prudential Life, HDFC AMC, Aditya Birla SL AMC are among other buyers, the report suggested.


The sale was to be carried out through stock exchanges at Rs 290 per shares, a 6 per cent discount to Thursday’s closing price of Rs 308.5. The base deal size was expected to be 3.1 crore shares with an upsize option.

HDFC has been selling stake in Gruh Finance to meet the central bank’s requirements. Last month the lender sold 6.10 per cent stake in the company.

The shares of the company closed 5.40 per cent lower at Rs 291.85 on BSE.
ADVERTISEMENT
READ MORE

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

Related Companies

More from our Partners

Loading next story
Text Size:AAA
Success
This article has been saved

*

+