HDFC to buy 7.2% stake in Loyalie at Rs 28.16/share
Shares of HDFC on Thursday closed 5.60 per cent higher at Rs 2416.50 apiece on BSE.
- Mar 17, 2022,
- Updated Mar 17, 2022 6:37 PM IST
Housing Development Finance Corporation Limited (HDFC) on Thursday said that its wholly-owned subsidiary HDFC Capital Advisors Limited (HCAL) will buy approximately 7.20 per cent stake or 3,90,666 equity shares at Rs 28.16 per share of real estate brokerage services Loyalie IT-Solutions Private Limited on a fully diluted basis.
"This is not a related party transaction for HCAL or Corporation. The sale is made on "arms length basis". The corporation is a promoter of HCAL and does not have any interest in Loyalie," HDFC said in a regulatory filing.
The period of completion of the acquisition is stated as March 31, 2022.
Loyalie is engaged in the business of offering marketing schemes proposed by its clients, offering loyalty/reward bonuses proposed by its clients and providing real estate brokerage services as per its clients' requirements.
Loyalie's turnover rose to Rs 2.02 crore in financial year 2020-21 from Rs 1.33 crore in the previous year, according to the filing.
The strategic pre-Series-A round in January was led by Inflection Point Ventures, Fawkes Fund, family office of Greenpanel & Greenlam, and over 50 prominent angels. ''The funding will be used to expand our operation, strengthen our team as well as technology,'' Sharaf told PTI.
The start-up has presence in more than 10 cities and is working with Godrej Properties, Mahindra Lifespace Developers and Shapoorji Pallonji Real Estate, among others.
Shares of HDFC on Thursday closed 5.60 per cent higher at Rs 2416.50 apiece on BSE. Indian shares ended the holiday-shortened week about 4 per cent higher today, underpinned by heavyweight financials, with risk sentiment bouyed by a rally in global markets after the US Federal Reserve hiked benchmark rates.
Housing Development Finance Corporation Limited (HDFC) on Thursday said that its wholly-owned subsidiary HDFC Capital Advisors Limited (HCAL) will buy approximately 7.20 per cent stake or 3,90,666 equity shares at Rs 28.16 per share of real estate brokerage services Loyalie IT-Solutions Private Limited on a fully diluted basis.
"This is not a related party transaction for HCAL or Corporation. The sale is made on "arms length basis". The corporation is a promoter of HCAL and does not have any interest in Loyalie," HDFC said in a regulatory filing.
The period of completion of the acquisition is stated as March 31, 2022.
Loyalie is engaged in the business of offering marketing schemes proposed by its clients, offering loyalty/reward bonuses proposed by its clients and providing real estate brokerage services as per its clients' requirements.
Loyalie's turnover rose to Rs 2.02 crore in financial year 2020-21 from Rs 1.33 crore in the previous year, according to the filing.
The strategic pre-Series-A round in January was led by Inflection Point Ventures, Fawkes Fund, family office of Greenpanel & Greenlam, and over 50 prominent angels. ''The funding will be used to expand our operation, strengthen our team as well as technology,'' Sharaf told PTI.
The start-up has presence in more than 10 cities and is working with Godrej Properties, Mahindra Lifespace Developers and Shapoorji Pallonji Real Estate, among others.
Shares of HDFC on Thursday closed 5.60 per cent higher at Rs 2416.50 apiece on BSE. Indian shares ended the holiday-shortened week about 4 per cent higher today, underpinned by heavyweight financials, with risk sentiment bouyed by a rally in global markets after the US Federal Reserve hiked benchmark rates.