GRUH Finance is up among the top five gainers on the BSE since opening bell. The stock price opened over 4.5% higher at Rs.266.10, rising to an intraday high at Rs.268.95, an increase of almost 8%. Its 52-week high stands at Rs.349.
Following the takeover of Bandhan Bank, HDFC has been consistently cutting stake in GRUH to meet the RBI stipulated requirements to enable the merger.
HDFC is selling 9.2% stake and raising Rs.1678 crore as floor price for the sale of 67.4 million shares is fixed at rs.243 to 249/share in the open market, happening today.
As at 30th June 2019, HDFC held over 47% stake in GRUH and as per RBI directions, HDFC can hold 9.9% or less in Bandhan Bank post the merger. Even the promoters of Bandhan Bank need to bring down their stake down to 40% while the merger itself will help bring it down from 82% to 61%.