The shares of Gruh Finance Ltd, one of India’s leading affordable Housing company, surged higher from the morning loss on Friday after multiple block deals on stock exchanges.
During morning session, the share price was declined upto 7% intraday following block deal. However, During the after noon session, the stock accelerated its momentum by more than 8% intraday. The reaction was led by stake sale by Housing Development Finance Corporation (HDFC) through a block deal, on the exchange.
The stake sale from the HDFC is in line with the regulatory guidelines in connection with the merger with Bandhan Bank. The regulator had directed the housing major HDFC to hold near 10% or less in Bandhan Bank after-merger, which implied that it should cut its stake in Gruh Finance prior to the merger. The HDFC sold 6.74-Cr shares, about 9% equity at an average price of Rs.247-apiece.
Atr 3.15pm On Friday, the stock of Gruh Finance traded higher at Rs.258.50 up by 3.57% from previous closing. The stock touched its intraday-high-level of Rs269.70 per share. At the same time HDFC share rose 1.69% higher at Rs.2164.35. HDFC also touched its intraday high and low level at 2,171.25 and 2,118 respectively on the NSE.
Meantime, benchmark indices recovered their morning losses, and trade higher with Sensex up by 309 points and Nifty up by 79 points at 11028-mark.