Sale of stake in HDFC Ventures Trustee Company Ltd

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 contributed by such unit or division of the listed entity during the last financial year	HDFC Ventures Trustee Company Limited (HVTCL) 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/ promoter group/group companies. If yes, details thereof	Details of buyer: The buyers are professionals. Mr. Nitipalsingh Sisodiya is 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 yes, whether the same is done at "arms length"	The Sale Transaction is not a related party transaction for the Corporation.
Additionally, in case of a slump sale, indicative disclosures provided for amalgamation/ merger, shall be disclosed by the listed entity with respect to such slump sale	Not applicable

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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