Housing Development Finance Corporation Ltd has successfully divested a portion of its equity shares in Siti Networks Limited (“Siti”), amounting to 1,87,06,774 shares with a face value of Re. 1 each. This represents 2.15% of the paid-up share capital of Siti. The move will bring down the Corporation’s ownership in Siti to 5,66,67,989 equity shares, or 6.49% of its paid-up share capital.
The sale of the shares was conducted over multiple dates, starting from December 30, 2022. On May 3, 2023, a further 13,31,541 equity shares were sold, accounting for 0.15% of Siti’s paid-up share capital.
This development comes as part of Housing Development Finance Corporation Ltd’s strategy to streamline its portfolio and optimize its investments. The Corporation remains committed to identifying and pursuing opportunities that deliver long-term value for its stakeholders, while also ensuring optimal utilization of resources.
Investors and market experts alike will be keeping a close eye on the impact of this move on both Housing Development Finance Corporation Ltd and Siti Networks Limited. The sale of such a significant portion of equity shares is expected to have implications for both entities, and may trigger further changes in the coming months.
About HDFC:
An Indian private development finance organisation with its headquarters in Mumbai is called Housing Development Finance Corporation Limited (HDFC). It is a significant provider of house financing in India. Additionally, it operates in the banking industry and provides life and general insurance, asset management, venture capital, real estate, educational loans, and deposits.
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