HDFC on Friday said it will acquire its venture capital subsidiary HVCL by buying out State Bank of India's 19.5 per cent stake in the company.
The Housing Development Finance Corporation (HDFC) holds 80.50 per cent equity share capital of HVCL and the remaining shares are held by State Bank of India (SBI).
"The Corporation on July 29, 2022 entered into a share purchase agreement (SPA) with SBI for acquisition of 97,500 equity shares of HVCL representing 19.50 per cent of its paid-up share equity capital, at a consideration of Rs 10 per share," HDFC said in a regulatory filing.
The acquisition is expected to be completed within 14 days from the date of execution of the SPA or by August 12, 2022.
HVCL is an investment manager to HDFC Property Fund, and it was incorporated in October 2004. Its turnover in 2021-22 stood at Rs 1,01,592.
"Post the proposed acquisition of shares, HVCL would become a wholly-owned subsidiary of the Corporation," HDFC said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app