HDFC shares gain 2 pc

The company said that it will sell its 10 per cent stake to a wholly-owned subsidiary of Abu Dhabi Investment Authority ADIA for about Rs 184 crore.The stock of HDFC jumped 2.01 per cent to Rs 2,181.70 on BSE.

Shares of HDFC Ltd on Wednesday gained 2 per cent after the mortgage firm announced 10 per cent stake sale in its private equity arm HDFC Capital Advisors. The company said that it will sell its 10 per cent stake to a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) for about Rs 184 crore.

The stock of HDFC jumped 2.01 per cent to Rs 2,181.70 on BSE. During the day, it gained 2.32 per cent to Rs 2,188.40.

On NSE, it increased 2.09 per cent to Rs 2,185.

In terms of volume, 1.04 lakh shares were traded on BSE and 54 lakh on NSE.

ADIA is also the primary investor in the alternative investment funds managed by USD 3 billion-HDFC Capital.

Set up in 2016, HDFC Capital 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 MantriAwas Yojana - 'Housing for All' initiative, HDFC Ltd said in a statement.

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, it said.

In addition, the funds will invest in technology companies such as fin-tech and clean-tech engaged in the affordable housing ecosystem.