DHFL To Sell Its Entire 30.63 Pc Stake In Avanse Financial Services To An Affiliate Of Warburg Pincus Group
Shares of DHFL rose 6 percent intraday today as the company plans to sell its entire stake in Avanse Financial Services.
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In a filing to the Bombay Stock Exchange, Dewan Housing Finance Corporation (DHFL) said, "the special committee of the board of directors at its meeting held on March 16 considered and accorded approval to disinvest to Olive Vine Investment an affiliate of the Warburg Pincus Group, 1,92,50,719 equity shares constituting 30.63 percent of the paid-up capital of Avanse Financial Services i.e. its entire shareholding held in Avanse."
The share opened at Rs.137.80 with a gap up of 4.39 per cent and touched intra-day high of Rs 139.90. Although the stock price is lower than 50, 100 and 200-day moving average, it is trading higher than 5 and 20-day moving average.
The share touched its intra-day high of Rs 140 and trading-day low of Rs 134.30 with 1.88 lakh shares changing hands on National Stock Exchange respectively.
The shares of Dewan Housing Finance Corporation (DHFL) have outperformed the housing finance sector by 3.50 per cent. However, the price movement of Dewan Housing Finance Corporation (DHFL) in both the exchanges has been giving negative returns at 73 per cent in one year, 77 per cent in six months and 2 per cent in one week.
Dewan Housing Finance Corporation (DHFL) has entered into a share purchase agreement with Avanse Financial Services and the other sellers including Wadhawan Global Capital Limited (WGC) promoter entity of the company.