HDFC Bank rises on inking agreements to acquire stake in Mintoak
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HDFC Bank is currently trading at Rs. 1660.00, up by 11.65 points or 0.71% from its previous closing of Rs. 1648.35 on the BSE.
The scrip opened at Rs. 1651.55 and has touched a high and low of Rs. 1660.40 and Rs. 1649.40 respectively. So far 54963 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1721.85 on 04-Apr-2022 and a 52 week low of Rs. 1271.75 on 17-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1660.40 and Rs. 1604.25 respectively. The current market cap of the company is Rs. 920584.68 crore.
The promoters holding in the company stood at 25.64%, while Institutions and Non-Institutions held 59.65% and 14.70% respectively.
HDFC Bank has executed agreements on December 13, 2022 to subscribe to 21,471 fully paid up Compulsory Convertible Preference Shares (CCPS) of face value of Rs 20 each at a premium of Rs 9,711 for an aggregate consideration of Rs 9,731 per CCPS to be issued by Mintoak Innovations (Mintoak) and to purchase 10,538 fully paid up Equity Shares of face value of Rs 10 each at a premium of Rs 9,721 for an aggregate consideration of Rs 9,731 per Equity Share from certain existing shareholders of Mintoak (Transaction).
Since the shareholding of the Bank in Mintoak post completion of the Transaction would be below 10% of the total share capital of Mintoak on a fully diluted basis, the Bank would not require regulatory approvals to proceed with the Transaction. The Transaction is likely to be completed by January 31, 2023 subject to completion of conditions precedent.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
