HDFC pares 3% stake in Bandhan Bank for Rs 1,521 cr

Housing finance major HDFC Ltd on Friday divested a little over 3 per cent stake in Bandhan Bank, garnering Rs 1,522 crore, through an open market transaction.

The transaction comes days after HDFC announced a mega-merger with its banking arm HDFC Bank.

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According to bulk deal data available with the BSE, Housing Development Finance Corporation (HDFC) sold a total of 4,96,32,349 shares, amounting to 3.08 per cent stake, of Bandhan Bank.

The shares were offloaded at an average price of Rs 306.61 apiece, valuing the transaction at Rs 1,521.77 crore.

HDFC, a public shareholder in Bandhan Bank, held 9.89 per cent stake in the private lender at the end of the December quarter, shareholding data with the exchange showed.

Meanwhile, Societe Generale picked up over 1.9 crore shares of the bank for Rs 306.55 per piece at an estimated Rs 585 crore.

The scrip of Bandhan Bank closed 2.60 per cent higher at Rs 323.75 on the BSE.