Gruh Finance rises 4.75% to Rs 261.4 after the counter witnessed large block deals in early trades.
Media reports suggested that India's largest mortgage lender HDFC will raise Rs 1,678 crore by selling 9.2% stake in Gruh Finance. The sale of 6.74 crore shares is expected to happen at a floor price of Rs 243 to Rs 249 per share in the open market on Friday.In January 2019, the board of Gruh Finance approved merger with Bandhan Bank. As on 30 June 2019, HDFC held over 47.42% stake in Gruh Finance. HDFC is required to sell shares in Gruh to facilitate the latter's merger with Bandhan Bank. The Reserve Bank of India had directed HDFC to hold 9.9% or less in Bandhan Bank post the merger.
On the BSE, 30 lakh shares were traded in the Gruh Finance counter so far compared with average daily volumes of 19 lakh shares in the past one quarter. The stock hit a high of Rs 268.95 and a low of Rs 259.35 so far during the day.
Shares of Gruh Finance hit a 52-week high of Rs 349 on 31 Aug 2018. The stock hit a 52-week low of Rs 204.6 on 31 Jan 2019.
The stock had underperformed the market over the past one month, falling 3.26% compared with 1.64% fall in the Sensex. The scrip had also underperformed the market in past one year, sliding 26.82% as against Sensex's 4.27% fall.
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