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Housing Development Finance unit acquires 15% stake in Tanzania firm

Housing Development Finance Corp. Ltd. unit HDFC Investments Ltd. acquired a 15% stake in Tanzania's first housing finance company, First Housing Finance (Tanzania) Ltd.

HDFC Investments will acquire 32.7 million shares for a total price of US$1.5 million, according to a June 1 release.

The unit has obtained regulatory approval for the investment. First Housing Finance has not yet commenced operations.