CAMS drops 2% after HDFC Bank sells 2% of share capital

The bank sold 2 percent of the 29,20,724 equity shares (of Rs. 10 each) held by the Bank in Computer Age Management Services Limited (CAMS), post the effective date (July 1, 2023) of the merger of HDFC Ltd. into HDFC Bank.

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Shares of CAMS (Computer Age Management Services) fell nearly 2 percent in early trades on the NSE on January 24, a day after the bank reported that it had sold 2 percent of its share capital. At 9:50am, the stock was trading at Rs 2,696. At the same time, the stock of HDFC Bank gained 0.6 percent and were trading at Rs 1,436.

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In a regulatory filing on January 23, HDFC Bank said that it had sold 9,86,315 shares, representing 2.01 percent of the share capital of CAMS. According to the filing, the bank sold 2 percent of the 29,20,724 equity shares (of Rs. 10 each) held by the Bank in Computer Age Management Services Limited (CAMS), after the effective date (July 1, 2023) of the merger of HDFC Ltd into HDFC Bank. As of December 2023, HDFC Bank had a 3.99 percent stake in CAMS. With the latest sale, the stake will now be around 1.9 percent.

Also read: HDFC Bank Q3 Results: Net profit jumps 33.5% to Rs 16,372 crore; asset quality stable

In Q2FY24, CAMS reported revenue of Rs 275.08 crore, a 13.5 percent increase from Rs 242.37 crore a year ago. Net profit for the reporting period also grew to Rs 84.51 crore against Rs 72.14 crore in the previous fiscal.

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