HDFC disposes off 0.7% holding in Ansal Housing; stock slips ~1%

22 Jun 2022 , 09:59 AM

HDFC Limited, which earlier in the month invoked 50 lakh Ansal Housing pledged shares in order to recover its unpaid debts to the developer, sold approximately 4.35 lakh shares on the NSE in yesterday’s trade.

As per the bulk deal data, HDFC shed off 4,35,796 shares of Ansal Housing at an average price of Rs7.04 on NSE in an open market transaction, aggregating to about 0.7% stake in the company.

In a regulatory filing last week, HDFC stated that, “The Corporation on June 15, 2022, invoked the pledge on 50,00,000 shares of Ansal Housing (Ansal) aggregating 8.42% of its paid-up share capital, pledged with the Corporation by the said pledger/borrower for the recovery of part outstanding dues against loans obtained by certain pledgers/borrowers.”

According to earlier media reports, HDFC is in the final stages of selling four sizable distressed accounts, including that of Subhash Chandra-promoted Siti Networks, to Assets Care and Reconstruction Enterprise in an effort to straighten out its books before the announced merger with its subsidiary bank (ACRE).

HDFC Limited is currently trading at Rs2,157.85 down by Rs17.45 or 0.8% from its previous closing of Rs2,175.30 on the BSE. The scrip opened at Rs2,155 and has touched intraday high and low of Rs2,183.40 and Rs2,152 respectively.