Housing Improvement Finance Company (HDFC) stated that it has entered right into a share buy settlement (SPA) with State Financial institution of India (SBI) for buying of 97,500 fairness shares of HDFC Enterprise Capital (HVCL).
The company holds 80.50% of the paid-up fairness share capital of HVCL, a subsidiary of the company. The SPA is for the acquisition of 97,500 fairness shares of HVCL representing 19.50% of its paid-up share fairness capital at a per share worth of Rs 10, aggregating to a complete consideration of Rs 9.75 lakh.
The company expects to finish the transaction inside 14 days from the date of execution of the SPA i.e. by 12 August 2022.
HCVL is the funding supervisor to HDFC Property Fund, which is registered as a enterprise capital fund with SEBI. The turnover of HVCL in FY 21-22 was Rs 1,01,592.
HDFC is a number one supplier of housing finance in India.
The housing finance main’s internet revenue rose 22.27% to Rs 3,668.82 crore on 13.58% enhance in complete income from operations to Rs 13,240.31 crore in Q1 June 2022 over Q1 June 2021.
The scrip rose 1.85% to finish at Rs 2379.10 on the BSE on Friday.
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(This story has not been edited by Enterprise Customary employees and is auto-generated from a syndicated feed.)
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