HDFC soars after its arm inks pact to acquire stake in Loyalie

Housing Development Finance Corporation is currently trading at Rs. 2761.50, up by 19.45 points or 0.71% from its previous closing of Rs. 2742.05 on the BSE.

The scrip opened at Rs. 2730.00 and has touched a high and low of Rs. 2762.90 and Rs. 2730.00 respectively. So far 40135 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 2815.00 on 17-Apr-2023 and a 52 week low of Rs. 2026.55 on 17-Jun-2022.

Last one week high and low of the scrip stood at Rs. 2815.00 and Rs. 2717.65 respectively. The current market cap of the company is Rs. 505447.86 crore.

The Institutions and Non-Institutions held 88.69% and 11.31%, stake in the company respectively.

Housing Development Finance Corporation’s (HDFC) subsidiary — HDFC Capital Advisors (HCAL) has entered into Share Subscription Agreement for acquisition of Compulsorily Convertible Preference Shares (CCPS) of Loyalie which post allotment, would entitle HCAL to additional around 1.8% to 2.4% stake in Loyalie on a fully diluted basis. The company has entered into Share Subscription Agreement on April 18, 2023.

Earlier, HDFC Capital Advisors had entered into a Share Subscription Agreement for acquisition of 3,90,666 equity shares of Loyalie which post allotment would entitle HCAL to around 7.2% of the equity share capital of Loyalie on a fully diluted basis, which was concluded immediately.

Investment in Loyalie is proposed to be made by HCAL under its H@ART initiative programme to invest in technology companies for the benefit of the real estate ecosystem. A binding share subscription agreement in relation to such proposed investment has been entered into by HCAL.

HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.

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