Gruh Finance gains 8% after HDFC sells 9% stake through block deal

HDFC offloaded 64.7 million equity shares representing 8.8 per cent of total equity of GRUH Finance for worth of Rs 1,599 crore at an average price of Rs 247 per share, the NSE data shows.

Shares of Gruh Finance rallied up to 8 per cent to quote at Rs 270 apiece in the early morning trade on the National Stock Exchange (NSE) on Friday after mortgage lender Housing Development Finance Corporation (HDFC) sold nearly 9 percentage point stake in the company through block deal.

HDFC has off-loaded 64.7 million equity shares, representing 8.8 per cent of total equity of GRUH Finance. The stake, worth Rs 1,599 crore, was sold at an average price of Rs 247 per share, the NSE data show. Names of the buyers, however, could not be ascertained immediately.

Meanwhile, shares of