Housing Development Finance Corporation (HDFC) said that it has entered into a share purchase agreement (SPA) with State Bank of India (SBI) for acquiring of 97,500 equity shares of HDFC Venture Capital (HVCL).
The corporation holds 80.50% of the paid-up equity share capital of HVCL, a subsidiary of the corporation. The SPA is for the acquisition of 97,500 equity shares of HVCL representing 19.50% of its paid-up share equity capital at a per share price of Rs 10, aggregating to a total consideration of Rs 9.75 lakh.
The corporation expects to complete the transaction within 14 days from the date of execution of the SPA i.e. by 12 August 2022.
HCVL is the investment manager to HDFC Property Fund, which is registered as a venture capital fund with SEBI. The turnover of HVCL in FY 21-22 was Rs 1,01,592.
HDFC is a leading provider of housing finance in India.
The housing finance major's net profit rose 22.27% to Rs 3,668.82 crore on 13.58% increase in total revenue from operations to Rs 13,240.31 crore in Q1 June 2022 over Q1 June 2021.
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