HDFC Bank, currently holding an equity stake of 6.48% on a fully diluted basis in Sewa Grih Rin (SGRL), has signed definitive documents, pursuant to which, the Bank has, subject to fulfilment of certain conditions, committed to invest an amount of Rs. 17,32,76,695, for an equity stake of 1.81% (on a fully diluted basis) in SGRL, as a part of a larger issuance of equity shares (Equity Raise) by SGRL.
On consummation of the Equity Raise, which is subject to certain conditions, including regulatory approval (which is expected in 7 months), HDFC Bank's equity stake would be diluted to 3.51% (on a fully diluted basis) on the expanded capital base of SGRL.
Sewa Grih Rin is a Housing Finance Company registered under Section 29A of the National housing Bank Act, 1987 vide Registration Certificate 01.0118.15 dated 24 January 2015. SGRL is an affordable housing finance company with a special focus on advancing the property rights of women in the informal sector.
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