Bandhan Bank will be included in the MSCI Global Standard Index, under largecap segment, from October 16.
According to the latest block deal data available with BSE, HDFC sold 27 lakh shares of Gruh Finance at Rs 247.15 per piece for a total amount of Rs 66.73 crore.
The company's revenue increased to Rs 532.97 crore in the June quarter of 2019-20, as against Rs 450.95 crore a year ago, Gruh Finance said in a regulatory filing.
The important reason for merger by Bandhan Bank is to meet minimum shareholding norms set by SEBI.
Gruh Finance traded with volumes of 72,19,000 shares, an increase of 10,413.24 percent compared to its five-day average of 68,666 shares on the BSE.
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 sold Gruh Finance shares to meet RBI conditions for Bandhan Bank merger.
Total revenues from operations during March quarter stood at Rs 557.77 crore as against Rs 444.15 crore in the year-ago period, the company said in a regulatory filing.
Gruh Finance, the affordable housing finance arm of HDFC Ltd, was taken over by Bandhan Bank in a share-swap deal in January.
As part of the deal, Bandhan Bank has to transfer 14.9 per cent stake to HDFC for merging Gruh with itself.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 31 points or 0.27 percent. Nifty futures were trading around 11,415-level on the Singaporean Exchange.
Gruh Finance, the affordable housing finance arm of HDFC Ltd, was taken over in January by Kolkata-based Bandhan Bank in a share-swap deal.
Gruh Finance, the affordable housing finance arm of HDFC, was taken over in January by Kolkata based Bandhan Bank in a share swap deal.
The company had recorded a net profit of Rs 90.84 crore in the corresponding quarter of the previous fiscal, Gruh Finance said in a regulatory filing.
In the longer run, anyone looking to come and invest in India would fancy the merged entity for their core portfolio in all probability
The minority investors, perhaps, have been the worst sufferers, unless the stocks rebound quickly enough to more than offset the losses.
Ghosh further said that they cannot reclassify promoter holding or change tier-3 structure to comply with RBI norms.
If synergies of Bandhan and Gruh are so good, why didn't HDFC and HDFC bank think of this synergy to create a real giant with tremendous economic power.
The deal will reduce promoters' stake in Bandhan Bank, bringing it closer to regulatory compliance.
"With respect to promoter shareholding, Bandhan was looking at an inorganic opportunity," Shah told CNBC-TV18 on January 8.
Most global brokerage firms have maintained their rating for Bandhan Bank, but expressed doubts about the synergies that the deal would offer