Housing Development Finance Corporation (HDFC), the country’s largest mortgage lender, in a statement to the Bombay Stock Exchange (BSE) said that it will increase its stake in Credia Financial Services to 51 per cent.
HDFC has subscribed to an additional 40,28,000 equity shares of Rs 10 each of Credila for cash at Rs 4.03 crore. With this Credila would become a subsidiary of HDFC.
HDFC had in an earlier announcement (November, 13, 2009) said that it will acquire 41 per cent in the fully diluted equity share capital of Credila Financial Services from DSP Merrill Lynch Capital.
HDFC’s scrip closed today at Rs 2,967.5, up 1.09 per cent to the previous close