HDFC will acquire 19.50% of the capital of the venture capital subsidiary of SBI

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Housing Development Finance Corporation (HDFC) said it has entered into a Share Purchase Agreement (SPA) with State Bank of India (SBI) for the acquisition of 97,500 shares of HDFC Venture Capital (HVCL).

The Company holds 80.50% of the paid-up share capital of HVCL, a subsidiary of the Company. The SPA relates to the acquisition of 97,500 shares of HVCL representing 19.50% of its paid-up share capital at a price per share of Rs 10, aggregating a total consideration of Rs 9.75 lakh.

The Company expects to complete the transaction within 14 days of the execution date of the SPA, i.e. by August 12, 2022.

HCVL is the investment manager of HDFC Property Fund, which is registered as a venture capital fund with SEBI. HVCL’s revenue in FY21-22 was Rs 1,01,592.

HDFC is one of the leading housing finance providers in India.

The housing finance major’s net profit rose 22.27% to Rs 3,668.82 crore on a 13.58% rise in total operating income to Rs 13,240.31 crore in the first quarter June 2022 over June 1, 2021.

The certificate rose 1.85% to end at Rs 2379.10 on BSE on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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