Gruh Finance is among the top five losers on the BSE since opening bell. It opened at Rs.293, a loss of 5% and went on to hit an intra day low at Rs.285.30, down over 7.5%. Volumes have jumped up 148 times.
Whenever there is such a huge surge in volume, it is almost invariably on account of promoters buying/selling their stake. Today alone some 4.2% of its equity changes hands and selling has happened through four block deals. The sale is being carried out at Rs.290 per shares, a 6% discount to Thursday’s closing price of Rs 308.50.
HDFC is apparently offloading part of its stake and this is being done to meet the RBI stipulation for Gruh’s merger with Bandhan Bank.
HDFC explained that being a shareholder of Gruh, it is entitled to 14.96% stake in post-amalgamation paid-up capital of Bandhan, based on the share exchange ratio. But RBI has directed that HDFC can hold 9.9% or less in Bandhan Bank post the merger; this stake sale in part of the same thing.
Since March, it has sold 6.10% stake or 4.47 crore shares – 1.22 crore was sold in March at an average price of Rs.260.07/share and 3.25 crore shares were sold in May at Rs.310.126/share.
HDFC held 57% stake in Gruh prior to the merger plans.