Housing finance company HDFC's third quarter profit is expected to increase 11.7 percent year-on-year to Rs 1,426.7 crore, according to the average of estimates of analysts polled by CNBC-TV18.
HDFC sells 70 lakh shares in HDFC Life for Rs 73 cr
In an interview to CNBC-TV18, Amitabh Chaudhry, managing director and chief executive officer, HDFC Lifesays the company‘s stake sale to Azim Premji Trust is is in no way a pre-initial public offer (IPO).
After the entire sale of 1,89,51,361 equity shares is completed, HDFC will hold 71.42 percent of the total issued and paid-up equity capital of HDFC Life. HDFC currently holds 72.37 percent and Standard Life (Mauritius Holding) holds 26 percent of equity in the joint venture, while the rest is held by others.
The offer for sale by the Azim Premji Trust has managed to mop up Rs 1,034 crore today through auction of 2.47 crore shares at Rs 418 each, reports CNBC-TV18's Sunanda Jayaseelan.
Azim Premji Trust, the promotor group firm of IT major Wipro, will sell 35 million shares through auction route.