HDFC Acquires 6.43% Stake In Reliance Capital
The shares were acquired pursuant to invocation of pledge against a loan.
Mortgage lender Housing Development Finance Corporation Ltd. on Saturday said it has acquired 6.43 percent stake in debt-trapped Reliance Capital by invoking pledged shares.
"These shares were acquired pursuant to invocation of pledge by security trustee on behalf of the corporation, which was pledged against a loan given by the lender in its normal course of business," HDFC said in a regulatory filing. Following this, the company acquired 25.27 crore shares of Rs 10 each, it said, adding that the total value of these shares are Rs 252 crore.
The statement further said the requisite disclosure had already been made on March 27, and since the shares have now been credited to the account of the Corporation, the disclosure was being made once again.