Caledonia sells 3 pc stake in Dewan Housing for Rs 114 cr

Written by PTI | Mumbai | Updated: May 24 2014, 02:51am hrs
UK-based Caledonia Investments today offloaded nearly 3 per cent of its stake in mortage lender Dewan Housing Finance Corporation Ltd for an estimated Rs 114 crore through the open market route.

The investment trust sold 38 lakh shares (representing about 3 per cent stake) of the mortgage lender at average price of Rs 300 apiece, as per bulk deal details with the BSE.

In a separate transaction, foreign fund house Morgan Stanley Asia Singapore acquired 37.78 lakh shares of Dewan Housing Finance in a transaction worth Rs 113.35 crore.

As on quarter-ended March 2014, Caledonia Investments held 1.28 crore shares of Dewan Housing Finance amounting to 9.98 per cent stake in the company.

For the same period, Morgan Stanley Asia Singapore held 15.11 lakh shares of the mortage lender representing a shareholding of 1.18 per cent.

Dewan Housing Finance was established to enable access to affordable housing finance to the lower and middle income groups in semi-urban and rural parts of India.

Shares of Dewan Housing today rose 3.94 per cent to settle the day at Rs 334.75 apiece on the BSE.