HDFC Ltd sells Reliance Infrastructure shares

HDFC acquired shares of the Anil Ambani controlled engineering and construction major on account of invocation of pledge through Axis Trustee Services Ltd.

New Delhi: The country’s largest mortgage lender HDFC Ltd has sold further shares of Reliance Infrastructure worth over Rs 43 crore, which were held by it through the invocation of pledged shares. The corporation has further sold 81,05,677 shares representing 3.08 per cent of the share capital of Reliance Infrastructure, HDFC said in a regulatory filing on Tuesday.

“The sale was carried out through stock exchanges at the prevailing market price. The aggregate consideration received for the sale of 81,05,677 shares is Rs 43,91,47,050,” Housing Development Finance Corporation (HDFC) said. The mortgage lender sold the shares of Reliance Infra between May 18- 24, 2021 (including these dates) through stock exchanges in the secondary market. Earlier this month, the corporation had sold 52,88,507 shares, equivalent to 2.01 per cent, of Reliance Infrastructure for over Rs 22.86 crore.

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HDFC acquired shares of the Anil Ambani controlled engineering and construction major on account of invocation of pledge through Axis Trustee Services Ltd. Reliance Infra had standalone revenue of Rs 3,338.71 crore as of March 31, 2020. Its balance sheet stood at Rs 23,216.83 crore. The company is engaged in developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads, metro rail and defence.

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