HDFC Bank Lightens Load, CAMS Takes a 2% Dip

24 Jan 2024 , 03:16 PM

On January 24, the day after the bank announced that it had sold 2% of its share capital, shares of CAMS (Computer Age Management Services) dropped by about 2% in early dealings on the NSE. The stock was trading at Rs 2,731.8 at 15:15 p.m. down 0.18%. 

On January 23, HDFC Bank said in a regulatory filing that it had sold 9,86,315 shares, or 2.01% of CAMS’s total share capital. The statement states that following the effective date of July 1, 2023, of HDFC Ltd’s merger into HDFC Bank, the bank sold 2% of the 29,20,724 equity shares (worth Rs. 10 apiece) that it had in Computer Age Management Services Limited (CAMS). HDFC Bank held a 3.99% interest in CAMS as of December 2023. The share will now be about 1.9% following the most recent transaction.

CAMS had revenue of Rs 275.08 crore in Q2FY24, up 13.5% from Rs 242.37 crore in the same period last year. In addition, net profit increased to Rs 84.51 crore for the reporting period from Rs 72.14 crore for the prior fiscal year.

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