New Delhi: HDFC on Friday stated it would purchase its enterprise capital subsidiary HVCL by shopping for out State Financial institution of India’s 19.5 per cent stake within the firm. The (HDFC) holds 80.50 per cent fairness share capital of HVCL and the remaining shares are held by (SBI).

“The Company on July 29, 2022 entered right into a share buy settlement (SPA) with SBI for acquisition of 97,500 fairness shares of HVCL representing 19.50 per cent of its paid-up share fairness capital, at a consideration of Rs 10 per share,”

stated in a regulatory submitting.

The acquisition is predicted to be accomplished inside 14 days from the date of execution of the SPA or by August 12, 2022.

HVCL is an funding supervisor to HDFC Property Fund, and it was included in October 2004. Its turnover in 2021-22 stood at Rs 1,01,592.

“Submit the proposed acquisition of shares, HVCL would turn into a wholly-owned subsidiary of the Company,” HDFC stated.