HDFC Ltd on Friday bought round 49.6 million shares or round a 3% stake in non-public sector lender Bandhan Bank in a bulk deal to convey its shareholding to only beneath 5% to adjust to regulatory pointers. Bandhan Financial institution, in a inventory change submitting on the BSE, knowledgeable that HDFC bought 49.6 million shares at Rs 306.61 apiece. On the finish of the third quarter of the earlier fiscal, HDFC’s stake within the lender stood at 9.89%.
In keeping with market sources, HDFC had bought round 1.5% stake someday again, and after Friday’s bulk deal, its shareholding within the financial institution comes down to only beneath 5%. “This share sale is mainly to adjust to RBI’s pointers,” sources mentioned.
HDFC needed to pare its stake in Bandhan Financial institution to beneath 5% as a result of proposed merger with HDFC Bank.
On April 4, HDFC Financial institution and HDFC introduced that they’d entered right into a definitive settlement whereby the enterprise of HDFC shall be merged into HDFC Financial institution in an all-stock transaction.