Reliance Capital share price jumps 5% after HDFC picks up stake
Mortgage lender HDFC on April 25 said it acquired 6.43 percent stake in the debt-trapped company by invoking pledged shares.
April 27, 2020 / 10:27 AM IST
The share price of Reliance Capital spiked 5 percent, hitting upper circuit of Rs 7.42 per share, after mortgage lender HDFC on April 25 said it acquired 6.43 percent stake in the debt-trapped company by invoking pledged shares.
These shares were acquired pursuant to invocation of the pledge by the security trustee on behalf of the corporation, which was pledged against a loan given by the lender, HDFC Ltd said in a regulatory filing.
Following this, the company acquired 25.27 crore shares of Rs 10 each, it said, adding the total value of the shares was Rs 252 crore.
The requisite disclosure was made on March 27 and since the shares had now been credited to the account of the corporation, the disclosure was being made again.
The stock, which has zoomed over 90 percent in the last one month, and was quoting at Rs 7.42, up Rs 0.35, or 4.95 percent. There were pending buy orders of 1,807,688 shares, with no sellers available.