The housing finance major on Monday announced that its wholly-owned subsidiary, HDFC Holdings (HHL) will sell its entire stake of 17.5% in Kaizen Management Advisors for Rs 1.10 crore.
Kaizen was incorporated in India. The company is in the business of providing consultancy, investment advisory, investment management, technical appraisal services and related services. It had reported a turnover of Rs 0.87 crore for the financial year ended 31 March 2022.
In an exchange filing, Housing Development Finance Corporation (HDFC) said, HDFC Holdings (HHL), a wholly-owned subsidiary of the Corporation has entered into an agreement to sell 2,12,121 equity shares of Rs 10 each of Kaizen Management Advisors (Kaizen), representing 17.50% the total paid-up equity share capital of Kaizen. Post the proposed sale, HHL would not hold any share in Kaizen.
The total consideration for the sale of 2,12,121 equity shares is Rs 1.10 crore. HDFC said that the sale is expected to be completed by 31 March 2023.
Housing Development Finance Corporation (HDFC) is a leading provider of housing finance in India. Its distribution network spans 709 outlets which include 212 offices of HDFC's distribution company, HDFC Sales (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank and third party direct selling associates. The corporation also has online digital platforms for loans and deposits.
The company's standalone net profit rose 17.82% to Rs 4,454.24 crore on 22.98% jump in total income to Rs 15,035.99 crore in Q2 FY23 over Q2 FY22.
Shares of HDFC declined 1.56% to Rs 2,574.90 on the BSE.
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