HDFC Makes Investments in Bonito Design and Relata, Divests Stake in Ruralshores

23 Jun 2023 , 09:59 AM

Housing Development Finance Corporation (HDFC) has announced new investments in Bonito Design and Relata. HDFC has acquired a 3.86 % shareholding and 5.13 % voting rights in Bonito Design by subscribing to 6,068 equity shares.

As per available information, the investment in Bonito Design was made through an all-cash deal at a price of Rs 41,196 per equity share, resulting in a total consideration of Rs 25 crore. In the case of Relata, HDFC’s investment was made through its subsidiary, HDFC Capital Advisors Ltd (HCAL).

HCAL has entered into a Share Subscription Agreement to acquire 914 Compulsorily Convertible Preference Shares (CCPS) in Relata. Post-allotment, HCAL will hold approximately 4 to 7 % of the equity share capital of Relata on a fully diluted basis.

The acquisition of 914 CCPS shares in Relata was priced at Rs 21,872 each. HDFC has divested its entire stake of 9.65 % in Ruralshores Business Services Pvt Ltd.

Ruralshores offered a buyback to its shareholders, and HDFC sold its entire stake of 2,66,351 equity shares at Rs 10 each, representing 9.65 % of the paid-up share capital. HDFC confirmed the acceptance of the stake sale by Ruralshores on June 22, 2023.

Additionally, HDFC completed the sale of 10 lakh equity shares of HDFC Property Ventures Limited (HPVL) and 5 lakh equity shares of HDFC Venture Capital Limited (HVCL) on June 21.

The stake sale in HPVL fetched HDFC Rs 1.20 crore, while the sale of shares in HVCL yielded Rs 0.30 crore. These strategic investments and divestments reflect HDFC’s commitment to diversifying its portfolio and expanding its presence in various sectors.

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