REG - Housing Dev Fin Corp - Sale of stake in HDFC Ventures Trustee Company Ltd

Housing Development FinanceAnnouncement

12/06/2023 17:45

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RNS Number : 4606C  Housing Development Fin. Corp. Ltd.  12 June 2023

Ref. No.: SE/2023-24/96

 

June 12, 2023

 

BSE
Limited
National Stock Exchange of India Limited

P. J.
Towers
Exchange Plaza, Plot No. C/1, G Block

Dalal
Street
Bandra-Kurla Complex

Mumbai 400
001
Bandra (East), Mumbai 400 051

 

Kind Attn: Sr. General Manager                      Kind Attn: Head - Listing
  DCS - Listing Department

 

Dear Sirs,

 

Sub:     Intimation under Regulation 30 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 - sale of the entire stake held by the Corporation in HDFC Ventures
Trustee Company Limited ("HVTCL"), a wholly-owned subsidiary of the
Corporation

 

We wish to inform you that the Corporation today i.e. on June 12, 2023 entered
into a Share Purchase Agreement for sale of entire stake held by it in HVTCL,
a wholly owned subsidiary of the Corporation to Mr. Nitipalsingh Gajendrasingh
Sisodiya and Mrs. Vidhi Praveen Jain and their five nominees, for an aggregate
consideration of Rs. 7.60 lacs (collectively, the "Sale Transaction").

 

The details required to be disclosed under Regulation 30 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 in relation to the Sale Transaction, are as below:

 

 Particulars                                                                     Details
 The amount and percentage of the turnover or revenue or income and net worth    HDFC Ventures Trustee Company Limited (HVTCL)
 contributed by such unit or division of the listed entity during the last

 financial year                                                                  Total revenue of HVTCL during FY 22-23: Rs. 0.16 crore

                                                                                 Net-worth of HVTCL as on March 31, 2023: Rs. 1.18 crore

                                                                                 Subsequent to March 31, 2023, HVTCL declared a dividend aggregating Rs.0.98
                                                                                 crore which was paid in May 2023.
 Date on which the agreement for sale has been entered into                      June 12, 2023
 The expected date of completion of sale/ disposal                               June 30, 2023 or effective date of the amalgamation of the Corporation with
                                                                                 and into HDFC Bank Limited, whichever is earlier.
 Consideration received from such sale/disposal                                  50,000 equity shares of Rs. 10 each would be sold for an aggregate
                                                                                 consideration of Rs. 7,60,000. This consideration has been arrived at, based
                                                                                 on an independent valuation report.
 Brief details of buyers and whether any of the buyers belong to the promoter/   Details of buyer: The buyers are professionals. Mr. Nitipalsingh Sisodiya is
 promoter group/group companies. If yes, details thereof                         an advocate empanelled with the Mumbai High Court having experience of over a
                                                                                 decade and Mrs. Vidhi Praveen Jain, is an engineer, having 15 years of
                                                                                 teaching experience in the engineering field.

                                                                                 The buyers and their nominees do not belong to the promoter/ promoter group/
                                                                                 group companies and are not even related parties of the Corporation.
 Whether the transaction would fall within related party transactions?  If       The Sale Transaction is not a related party transaction for the Corporation.
 yes, whether the same is done at "arms length"

 Additionally, in case of a slump sale, indicative disclosures provided for      Not applicable
 amalgamation/ merger, shall be disclosed by the listed entity with respect to
 such slump sale

 

Kindly note that post consummation of the proposed Sale Transaction, HVTCL
would cease to be subsidiary of the Corporation.

 

You are requested to take note of the above and arrange to bring this 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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