HDFC Ltd sells Reliance Infra shares worth over Rs 43 crore

By: |
May 25, 2021 3:53 PM

The country's largest mortgage lender HDFC Ltd has sold further shares of Reliance Infrastructure worth over Rs 43 crore, which were held by it through the invocation of pledged shares.

HDFC Securities Ltd (HSL) has benefitted from the surge in retail trading volumes and its strong presence. It is expanding its reach and is scaling up its institutional platform.In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.

The country’s largest mortgage lender HDFC Ltd has sold further shares of Reliance Infrastructure worth over Rs 43 crore, which were held by it through the invocation of pledged shares. The corporation has further sold 81,05,677 shares representing 3.08 per cent of the share capital of Reliance Infrastructure, HDFC said in a regulatory filing on Tuesday.

“The sale was carried out through stock exchanges at the prevailing market price. The aggregate consideration received for the sale of 81,05,677 shares is Rs 43,91,47,050,” Housing Development Finance Corporation (HDFC) said. The mortgage lender sold the shares of Reliance Infra between May 18- 24, 2021 (including these dates) through stock exchanges in the secondary market.

Earlier this month, the corporation had sold 52,88,507 shares, equivalent to 2.01 per cent, of Reliance Infrastructure for over Rs 22.86 crore. HDFC acquired shares of the Anil Ambani controlled engineering and construction major on account of invocation of pledge through Axis Trustee Services Ltd.

Reliance Infra had standalone revenue of Rs 3,338.71 crore as of March 31, 2020. Its balance sheet stood at Rs 23,216.83 crore. The company is engaged in developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads, metro rail and defence.

HDFC scrip traded nearly flat at Rs 2,540.05 apiece on BSE. Reliance Infra was up 2.65 per cent at Rs 58 per share

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