Housing Development Finance Corporation (HDFC) said that it will acquire 4,98,750 equity shares, representing 19.95% stake, of Rs 10 each of Renaissance Investment Solutions ARC.
Renaissance Investment will undertake the business of asset reconstruction, subject to receipt of approval from RBI.
The acquisition is being done for a cash consideration of Rs 49,87,500. The corporation expects to complete the said acquisition by 30 November 2020.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India.
The housing finance major's net profit declined 27.55% to Rs 2,870.12 crore in Q2 September 2020 from Rs 3,961.53 crore in Q2 September 2019. Total income stood at Rs 11,732.70 crore in Q2 FY21, falling 13% from Rs 13,494.12 crore in Q2 FY20.
The scrip shed 0.65% to currently trade at Rs 2203.25 on the BSE. It traded in the range of 2192 and 2252.45 so far during the day.
On a year-to-date (YTD), the stock has lost 8.81% while the benchmark S&P BSE Sensex rose 6.94% during the same period.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU