Gruh Finance rallies 8% as HDFC eyes further stake sale

Shares of Gruh Finance jumped nearly 8 percent in early trade on August 30 after media reports suggested that HDFC is planning to sell 9.2 percent stake in Gruh Finance.

The Economic Times, quoting sources, reported that “HDFC will raise Rs 1,678 crore by selling 9.2 percent in Gruh Finance and the sale of 67.4 million shares is expected to happen at a floor price of Rs 243 to Rs 249 per share in the open market on August 30.”

HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger. The housing finance company has sold over 10 percent in Gruh Finance.

The RBI had in March granted its approval for the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank.

Around 0930 hours, shares of Gruh were quoting at Rs 262.30, up 5.11 percent while HDFC was up 0.43 percent at Rs 2,137.60 on BSE.

[“source=moneycontrol”]

Author: Roky