HDFC sells entire stake in 3 entities, shares trade higher

HDFC also bought 3.86 pc stake in Bonito Designs and 914 compulsorily convertible preference shares (CCPS) in Cognilements.

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Shares of HDFC inched up in the morning trade on June 23 after the mortgage lender said it has offloaded stake in three entities.

HDFC shares were trading 0.34 percent higher at Rs 2,724.25 at 10am on BSE.

In a post-market-hour regulatory filing on June 22, HDFC said it has sold its entire 9.65 percent stake in Ruralshores Business Services. It also sold its total holding 10 lakh shares in HDFC Property Ventures, and 5 lakh shares in HDFC Venture Capital – both wholly-owned subsidiaries – to Vividh Distributors, for Rs 1.20 crore and Rs 30 lakh, respectively.

“Accordingly, HPVL and HVCL have ceased to be subsidiaries of the Corporation,” HDFC added.

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HDFC bought 3.86 percent stake in Bonito Designs for Rs 25 crore, while the corporation via HDFC Capital Advisors purchased 914 compulsorily convertible preference shares (CCPS) in Cognilements.

Bonito Designs Private Limited was incorporated in Bengaluru on November 9, 2017 to carry on the business of providing interior design services.

Cognilements offers technology solutions for the real estate sector.

The CCPS were acquired for Rs 21,872 apiece, taking the aggregate size of the transaction to Rs 1.99 crore.

HDFC shares are up 1.3 percent on YTD basis. They have climbed around 1 percent over the past month ahead of its merger with HDFC Bank.

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