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  1. HDFC earns Rs 787 crore from stake sale in mutual fund arm during September quarter

HDFC earns Rs 787 crore from stake sale in mutual fund arm during September quarter

Mortgage lender HDFC Ltd Wednesday said it earned Rs 787 crore from selling stake in the initial public offer (IPO) of HDFC Asset Management Company Ltd.

By: | New Delhi | Published: October 4, 2018 12:03 AM
HDFC earns Rs 787 crore from stake sale in mutual fund arm during September quarter

Mortgage lender HDFC Ltd Wednesday said it earned Rs 787 crore from selling stake in the initial public offer (IPO) of HDFC Asset Management Company Ltd. During the September quarter, the proceeds from the stake sale in the IPO of HDFC Asset Management Company after “net of expenses and tax stood at Rs 787 crore”, it said in a filing to the stock exchanges.

According to the filing, income from dividend for the September quarter was Rs 6 crore compared to Rs 537 crore in the corresponding quarter. The latter amount included Rs 433 crore from HDFC Bank.

In the current year, dividend from HDFC Bank amounting to Rs 511 crore was received in the first quarter of the financial year, as per the filing.

So, income from dividend for six months ended September 30, 2018 was Rs 592 crore compared to Rs 596 crore in the corresponding period of the previous year, it added.

During the second quarter ended September 30, 2018, HDFC assigned loans amounting to Rs 6,059 crore compared to Rs 3,531 crore in the same period a year ago.

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