HDFC Limited informed that HDFC Holdings Limited (HHL), its wholly-owned subsidiary, entered into an agreement to sell 2,12,121 equity shares of Rs10 each of Kaizen Management Advisors Private Limited (Kaizen), representing 17.50% of Kaizen’s total paid-up equity share capital. HHL would no longer own any shares in Kaizen following the proposed sale.
The company has agreed to pay Rs1.10 crore total consideration for the sale of 2,12,121 equity shares.
Kaizen was incorporated in India. The company provides consultancy, investment advisory, investment management, technical appraisal services, and other related services.
The sale will be completed by March 31, 2023. Because the buyer of the shares is not a related party of HHL, the transaction is not a related party transaction for HHL.
The corporation is a promoter of HHL but has no interest in Kaizen.
Kaizen’s total revenue for the fiscal year ended March 31, 2022, was Rs0.87 crore, with a net worth of Rs3.30 crore.
At around 12.03 PM, HDFC was trading at Rs1,572.15 per piece, down by 1.65% against the previous close of Rs1,597.50 on NSE. The counter touched an intraday high and low of Rs1,600 and Rs1,567.70 respectively.
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