The Wadhawan group heads, who run real estate company HDIL, Dewan Housing Finance Corporation (DHFL) and retail chain Spinach, today initiated the process of disentangling the cross-holdings owned by cousins Kapil Wadhawan and Sarang Wadhawan in each other’s companies.
DHFL saw around 7.7 million shares or 9.4 per cent of the company’s equity changing hands at Rs 204.70 on the stock exchanges today.
Kapil Wadhawan, chairman and managing director of DHFL, along with brother Dheeraj Wadhawan and group company Wadhawan Holdings Private Ltd, bought stake in DHFL from Kapil’s cousin Sarang Wadhawan, who is also the managing director of HDIL, his wife, Anu Wadhawan, and uncle Rakesh Kumar Wadhawan, who is chairman of HDIL.
While Rakesh and Sarang have sold the 6.22 per cent and 2.25 per cent stake held by them in DHFL, Anu Wadhawan sold 77 per cent of her stake in the company.
In another transaction, Dheeraj and Kapil sold 3.89 million shares or 1.12 per cent of the company’s equity at Rs 312.50 a share. Their stake will come down to 3.94 per cent collectively after the deal. In this transaction, Rakesh bought 3.29 million shares. His stake in HDIL went up to 14.47 per cent after the deal.
Last year, the Wadhawan family started the succession planning process in a bid to help Kapil and Sarang to focus on their respective ventures. Kapil and Dheeraj stepped down from the board of HDIL, run by their uncle, Rakesh Wadhawan, and cousin, Sarang. And, Rakesh and Sarang stepped down from the board of DHFL .
While HDIL’s stock fell 0.26 per cent to close at Rs 308.25, DHFL stock gained 2.2 per cent to close at Rs 204.30 today.