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Housing Development Finance off-loads stake in GRUH Finance

Housing Development Finance Corp. Ltd. sold part of its stake in unit GRUH Finance Ltd. as part of the regulatory requirement in relation to the proposed merger of GRUH Finance with Bandhan Bank Ltd.

HDFC sold a total of 44,786,774 shares, or a 6.10% stake, in GRUH Finance, through stock exchanges at the prevailing market price.

Shares representing a 1.66% stake were sold at an average price of 260.07 rupees per share on March 28, while shares representing a 4.44% stake were sold at an average price of 310.126 rupees per share on May 24.

HDFC sold the shares to comply with the Reserve Bank of India's restriction on the company to hold 9.9% or less of the paid-up capital of Bandhan Bank, post-merger. HDFC, as a shareholder of GRUH Finance, is entitled to 14.96% of the capital of Bandhan Bank after the merger.

As of May 24, US$1 as equivalent to 69.39 Indian rupees.