Volumes on the exchange surged 132 times against two-week average.
ETMarkets.com|Jun 14, 2019, 09.45 AM ISTGetty ImagesHDFC has been selling stake in Gruh Finance to meet the central banks requirements.
NEW DELHI: Shares of Gruh Finance tumbled 7 per cent in Fridays trade amid block deals on the counter.This is after ET reported that mortgage lender HDFC was likely to sell 4.2 per cent stake in the subsidiary to comply with the requirements laid down by the Reserve Bank of India for facilitating the proposed merger of the housing finance arm with Bandhan Bank.At 9.30 am, the scrip was trading 6.82 per cent lower at Rs 287.45 on BSE.
Volumes on the exchange surged 132 times against two-week average.
Sources told ETNow that Blackstone is likely the main buyer.
ICICI Prudential Life, HDFC AMC, Aditya Birla SL AMC are among other buyers, the report suggested.The sale was to be carried out through stock exchanges at Rs 290 per shares, a 6 per cent discount to Thursdays closing price of Rs 308.5.
The base deal size was expected to be 3.1 crore shares with an upsize option.HDFC has been selling stake in Gruh Finance to meet the central banks requirements.
Last month the lender sold 6.10 per cent stake in the company.Buzzing stocks: YES Bank, PNB, SAIL, HDFCBuzzing stocks: ICICI Bank, RIL, SBI, HDFCTalking Stocks: Shift from HDFC AMC to HDFC Bank or HDFC LifeBuzzing stocks: Suzlon Energy, RIL, HDFC Life,HDFC Bank, InfosysTalking stock: Prefer HDFC Bank - M-M to HDFC AMC and ITCCommenting feature is disabled in your country/region.