Housing Development Fin. Corp. Ltd. Sale of stake in HDFC Ventures Trustee Company Ltd (4606C)

TIDM60CX

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          HDFC Ventures Trustee Company Limited 
  of the turnover or revenue         (HVTCL) 
  or income and net worth            Total revenue of HVTCL during FY 22-23: 
  contributed by such unit           Rs. 0.16 crore 
  or division of the listed          Net-worth of HVTCL as on March 31, 2023: 
  entity during the last             Rs. 1.18 crore 
  financial year 
                                     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        June 12, 2023 
  for sale has been entered 
  into 
                                   ------------------------------------------------ 
 The expected date of completion    June 30, 2023 or effective date of the 
  of sale/ disposal                  amalgamation of the Corporation with 
                                     and into HDFC Bank Limited, whichever 
                                     is earlier. 
                                   ------------------------------------------------ 
 Consideration received             50,000 equity shares of Rs. 10 each would 
  from such sale/disposal            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            Details of buyer: The buyers are professionals. 
  and whether any of the             Mr. Nitipalsingh Sisodiya is an advocate 
  buyers belong to the promoter/     empanelled with the Mumbai High Court 
  promoter group/group companies.    having experience of over a decade and 
  If yes, details thereof            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            The Sale Transaction is not a related 
  would fall within related          party transaction for the Corporation. 
  party transactions? If 
  yes, whether the same is 
  done at "arms length" 
                                   ------------------------------------------------ 
 Additionally, in case of           Not applicable 
  a slump sale, indicative 
  disclosures provided for 
  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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June 12, 2023 12:44 ET (16:44 GMT)