REG - Housing Dev Fin Corp - Addendum-Updates for qtr ended September 30, 2019

Housing Development FinanceAnnouncement

04/10/2019 14:45

RNS Number : 8707O
Housing Development Fin. Corp. Ltd.
04 October 2019
 


Ref. No. SE/2019-20/209
 
October 4, 2019
 
BSE Limited                                                                 National Stock Exchange of India Limited
P. J. Towers,                                                                Exchange Plaza, Plot No. C/1,
Dalal Street,                                                                 Bandra-Kurla Complex, Bandra (East),
Mumbai 400 001.                                                         Mumbai 400 051.
 
Kind Attn: - Sr. General Manager                           Kind Attn: Head - Listing
                      DCS - Listing Department
                                               
Dear Sirs,
 
Sub:     Intimation under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
 
In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information in terms of Regulation 8 of SEBI (Prohibition of Insider Trading) Regulations, 2015 and as an addendum to our notice Ref. No. SE/2019/20/205 dated October 3, 2019, we would like to intimate the following with reference to our equity investment in RBL Bank Limited (RBL):
 
HDFC's original cost of investment in RBL is ` 59 crore.  As at June 30, 2019, the market value of the investment in RBL stood at ` 562 crore. As at April 1, 2018 at the time of transition to Ind AS a large part of the gain was adjusted in the transition reserve. Consequent to a drop in the share price of RBL during the quarter ended September 30, 2019, the market value of the investment at the quarter end stood at ` 290 crore.
 
As per Ind AS norms, the investment in RBL is classified as Fair Value Through the Profit and Loss (FVTPL).   Hence, the debit to the Statement of Profit and Loss on account of this investment for the quarter ending September 30, 2019 is ` 272 crore.
 
However,  the difference between the market value of the investment as at September 30, 2019 and the actual cost of the investment to HDFC is a gain of ` 231 crore.
 
Kindly note that the aforesaid figures are subject to limited review by the statutory auditors of the Corporation.
 
We request you to bring the above to the notice of all concerned.
 
Thank you.
 
Yours faithfully,
For Housing Development Finance Corporation Ltd.
 
 
Ajay Agarwal
Company Secretary
 
CC: London Stock Exchange
10, Paternoster Square, London, EC4M 7LS




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