Housing Development Fin. Corp. Ltd. Sale of stake in HDFC Ventures Trustee Company Ltd (4606C)
June 12 2023 - 11:44AM
UK Regulatory
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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