HDFC Bank’s 3.03% Equity Divestment in Indraprastha Medical Corp

On April 4, 2024, HDFC Bank Limited informed in an exchange filing that the company sold about 3% of its stake in Indraprastha Medical Corporation Limited.

Details of the Sale 

HDFC Bank held 50,31,897 equity shares of ₹10 each as of February 28, 2024, in Indraprastha Medical Corporation Limited. On April 4, 2024, the bank sold 27,81,897 shares, which represent 3.03% of the share capital of Indraprastha Medical Corporation.

HDFC Bank stated that the shares were sold through the secondary market route on the National Stock Exchange of India Ltd.

As per the exchange filing, “Divestment of 3.03% stake in Indraprastha over a period between February 29, 2024 and April 4, 2024 (both days inclusive). The Bank sold 27,81,897 shares of Indraprastha (being 3.03% equity stake) through the secondary market route on NSE, post which the shareholding of the Bank in Indraprastha currently is 2.45%.”

They also mentioned that the transaction involves an all-cash consideration amounting to ₹55.46 crore. HDFC Bank sold the shares of Indraprastha Medical Corporation at an average sale price of ₹199.38 per share, for a total of 27,81,897 shares sold from February 29, 2024, to April 04, 2024 (inclusive of both dates).

About Indraprastha Medical Corporation Limited

Indraprastha Medical Corporation Limited is promoted by the Government of the National Capital Territory of Delhi and Apollo Hospitals. It operates two hospital facilities, one in Noida and one in New Delhi.

Indraprastha Medical Corporation Limited reported a total income of ₹1,108.70 crore in FY 2023, ₹891.28 crore in FY 2022 and ₹614.06 crore in FY 2021.

On April 5, 2024, the share price of Indraprastha Medical Corporation Limited opened at ₹215.00, touching the day’s high at ₹249.00, as of 10:55 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.