scorecardresearch
Friday, Jan 27, 2023
Advertisement

HDFC to sell 10% stake in HDFC Capital for Rs 184 crore

HDFC Capital, which was set up in 2016, is the investment manager to HDFC Capital Affordable Real Estate Funds 1, 2 and 3; and is aligned with the government's goal to increase housing supply and support the Pradhan Mantri Awas Yojana - 'Housing for All' initiative

Earlier this month, HDFC had announced a merger with India's largest private lender HDFC Bank to create a banking sector giant. (File photo)

Mortgage lender Housing Development Finance Corporation (HDFC) on Wednesday announced a 10 per cent stake sale in HDFC Capital Advisors to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for approximately Rs 184 crore.

ADIA is also the primary investor in the alternative investment funds managed by HDFC Capital, the company informed in a statement.

HDFC Capital, which was set up in 2016, is the investment manager to HDFC Capital Affordable Real Estate Funds 1, 2 and 3; and is aligned with the government’s goal to increase housing supply and support the Pradhan Mantri Awas Yojana – ‘Housing for All’ initiative, the statement said.

“The funds managed by HDFC Capital provide long-term, flexible funding across the life cycle of affordable and mid-income housing projects, including early-stage funding,” HDFC said.

Subscriber Only Stories
Delhi Confidential: Pro-public on Republic Day
Meet the woman who found name missing from voter list in UP — and took th...
At DGP meet, officers flag Islamist, Hindutva outfits in radicalisation
Lessons from Covid: Jharkhand’s first survey of migrants

In addition, the funds will also invest in technology companies such as construction technology, fin-tech, clean-tech etc. that are engaged in the affordable housing ecosystem.

HDFC Capital aims to finance the development of one million affordable homes in India through a combination of innovative financing, partnerships and technology, whilst focusing on sustainability.

“In order to achieve this objective, the company is in active discussions with leading global investors to raise additional funds to be invested in development of affordable & mid-income housing projects in India,” the mortgage lender said.

Advertisement

Earlier this month, HDFC had announced a merger with India’s largest private lender HDFC Bank to create a banking sector giant. Post the merger, HDFC’s shareholding in HDFC Bank will be extinguished and HDFC Bank will be 100 per cent owned by public shareholders. Existing shareholders of HDFC will own 41 per cent of HDFC Bank.

“This investment by ADIA will enable HDFC Capital to leverage ADIA’s global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors across multiple strategies and asset classes in the real estate and technology ecosystem,” HDFC Chairman Deepak Parekh said in the statement.

The shares of HDFC climbed 2.01 per cent to end at Rs 2,181.70 apiece on the BSE.

First published on: 20-04-2022 at 16:49 IST
Next Story

Gujarat police register around 12,500 cyber crime complaints in one month

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement
close