Moneycontrol Be a Pro
Get App
Last Updated : Jul 03, 2019 04:06 PM IST | Source: Moneycontrol.com

HDFC in Q1 earns Rs 1,900 cr on sale of investments in GRUH Finance

During the quarter, HDFC assigned loans of Rs 7,230 crore, which was lower by 25.6 percent compared to Rs 9,714 crore in corresponding period previous fiscal

Moneycontrol News @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Housing Development Finance Corporation on July 3 said it reported Rs 1,895 crore profit on the sale of investments in the quarter ended June 2019 against nil in the same period last year.

The profit was on account of a part stake sale of equity shares in GRUH Finance, it added.

Bandhan Bank has already received approval from RBI and Competition Commission of India for a merger of HDFC-owned GRUH with the Kolkata-based bank in a share-swap deal.

Close

The housing finance major's equity shareholding in GRUH stood at 47.4 percent after stake sale, as of June 2019.

HDFC received income from dividend at Rs 1 crore for the quarter, compared to Rs 586 crore in Q1FY19 from HDFC Bank and GRUH.

"In the current financial year 2019-20, dividend from HDFC Bank and GRUH will be received in the second quarter, subject to shareholder approval," the company said in its BSE filing.

During the quarter, HDFC assigned loans of Rs 7,230 crore, which was lower by 25.6 percent compared to Rs 9,714 crore in the corresponding period previous fiscal.

"All loans assigned during the quarter were to HDFC Bank pursuant to the buyback option embedded in home loan arrangement between the Corporation and bank," HDFC said.

In the preceding 12 months, the Corporation sold loans worth Rs 22,666 crore against Rs 13,245 crore in the same period previous year.

The stock closed at Rs 2,278.40, down Rs 2.30, or 0.10 percent after hitting an intraday high of Rs 2,286.85 (which was also a 52-week high) and an intraday low of Rs 2,258.10.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jul 3, 2019 04:06 pm
Loading...
Sections
Follow us on
Available On