News, Scrip Scan

Gruh Finance plunges 7% as HDFC mulls reducing stake

Scrip Sanctuaries for protection from the wildlife in this jungle of Indian Equities

Gruh Finance plunges 7% as HDFC mulls reducing stake

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.

Gruh Finance shares fell 7.5 percent intraday on June 14 after media reports indicated that HDFC might sell part of its stake in the company ahead of Bandhan Bank merger.

On June 13, CNBC-TV18 reported that HDFC could offload 4.2 percent stake in Gruh Finance on June 14 and the base deal size could 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 the 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.

The stock was quoting at Rs 288.35, down Rs 20.15, or 6.53 percent while Bandhan Bank, too, was down 2 percent at the time of publishing this copy.

Excerpts from Gaurav’s Blog

  Rest in Peace now Gerela Saab  ! Mr S T Gerela ex GM of BSE passed away peacefully this morning We had not met in years but he always remained at the top of my mind when it came to testimonials for this is what he had said to me over a decade ago,when […] [...]

Vedanta de-listing offer price Rs 87.50~Come on Mr Anil Agarwal ! Promoter Group of  Vedanta Ltd has proposed a voluntary de-listing at an indicative offer price of Rs 87.50~are the over 7.3 lakh minority shareholders from Alibag !? …apologies to the people of Alibag Some would term this as De-listing Duplicity ~ but I would […] [...]

This is a Riskless Reliance Industries Rights Investment Strategy for those over 2.3 Million Shareholders already holding RIL shares. It is not a recommendation to buy RIL cum rights  It’s a no brainer yet I’m just penning a brief note because some have told me they hold Reliance but are skipping the Rights ! Don’t […] [...]

 Wealth is negotiable, Health is not Your Personal Well Being is more important that the Stock Market Well Being ~ Always & more so in this unfathomable ongoing Covid-19 Reality Above’s a three minute reach out by me last night to all connected with me to reinforce this .It’s also posted on Facebook , […] [...]

Yes Bank ~ Has the RBI & MOF lost it !? SEBI really is a bystander here Controversial Lock In Clause 3 Sub Clause 8 (a) in the Scheme of Reconstruction  No wonder the Finance Minister Mrs Nirmala Sitharaman, while highlighting only selected points, even when asked for details of the Scheme,did not want to […] [...]