NEW DELHI: Shares of Gruh Finance tumbled 7 per cent in Friday’s trade amid block deals on the counter.
This is after ET reported that mortgage lender HDFC was likely to sell 4.2 per cent stake in the subsidiary to comply with the requirements laid down by the Reserve Bank of India for facilitating the proposed merger of the housing finance arm with Bandhan BankNSE -2.37 %.
At 9.30 am, the scrip was trading 6.82 per cent lower at Rs 287.45 on BSE. Volumes on the exchange surged 132 times against two-week average. Sources told ETNow that Blackstone is likely the main buyer. ICICI Prudential Life, HDFC AMC, Aditya Birla SL AMC are among other buyers, the report suggested.
HDFC has been selling stake in Gruh Finance to meet the central bank’s requirements. Last month the lender sold 6.10 per cent stake in the company.
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