HDFC to sell 4.2% stake in Gruh Finance on June 14: Report

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HDFC may offload 4.2 percent stake in Gruh Finance on June 14, according to CNBC-TV18.

The stake sale may be done at a floor price of Rs 290 per share. The base deal size is expected to be around three crore shares with an upsize option.

HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger. The housing finance company recently sold 4.47 crore equity shares representing 6.10 percent of paid-up capital of Gruh.

Of the 4.47 crore shares sold, 1.22 crore were sold at an average price of Rs 260.07 on March 28 and 3.25 crore shares at Rs 310.126 per share on May 24.

"The Corporation being a shareholder of Gruh is entitled to 14.96 percent of post-amalgamation paid-up capital of Bandhan, based on the share exchange ratio. However, the RBI has directed the Corporation to hold 9.9 percent or less in Bandhan Bank post the merger. The sale reported under the disclosure is a part of said transaction," HDFC had said in an exchange release announcing the offloading of the stake in May.

The RBI had in March granted its approval for the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank.