BNP Paribas pares HDFC Bank stake worth ₹755 Crore

4 Oct 2024 , 10:38 AM

BNP Paribas Financial Markets sold a stake in HDFC Bank Ltd. worth ₹755 Crore in a bulk transaction on the Bombay Stock Exchange on Thursday. According to BSE records, BNP Paribas Financial Markets sold 43 lakh shares of HDFC Bank, or a 0.05% stake, for ₹1,726.2 each.

BNP Paribas Financial Markets earlier sold a stake in HDFC Bank Ltd. for ₹543.27 Crore on Tuesday via open market transactions. According to block deal data from the BSE, the investment house sold 30.72 lakh shares, representing a 0.04% holding, for ₹1,768.05 per share. 

Morgan Stanley Asia (Singapore) Pte. acquired 17.5 lakh shares, or a 0.02% stake in HDFC Bank worth ₹302 Crore. Citigroup Global Markets Mauritius Pvt. Ltd. purchased 26.25 lakh shares, or a 0.03% stake, in HDFC Bank for ₹453 Crore.

HDFC Bank intends to liquidate loan assets worth ₹60,000-70,000 Crore to increase liquidity and reduce its credit-deposit ratio. Last month, NDTV Profit reported. The bank is likely to concentrate on selling mortgages and automobile loans. Sources say India’s top private sector bank may use certificates to assist these sales.

For this sale, the bank will use a less usual financial technique known as ‘pass through certificates’. These certificates give investors with a steady income from a portfolio of assets, such as loans. A source believes that this could be the greatest PTC sale in India.

At around 2.22 PM, HDFC Bank was trading 1.28% lower at ₹1,660.50 per piece, against the previous close of ₹1,682 on NSE. The counter touched an intraday high and low of ₹1.690.65, and ₹1,657, respectively.

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