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.
The scrip rose 1.85% to end at Rs 2379.10 on the BSE on Friday.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
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