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HDFC And HDFC Bank To Sell Entire Stake In GSTN

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Housing Development Finance Corporation (HDFC) and HDFC Bank informed the stock exchanges of their plan to sell their entire stake in Goods & Services Tax Network (GSTN) for Rs 1 crore each to various state governments and union territories.

HDFC And HDFC Bank To Sell Entire Stake In GSTN


 

GSTN, which started as a non-profit, non-government organisation, manages the entire software system of the GST portal in India.

Companies held 51 percent of the stake in GSTN while the rest was owned by the central and state governments. HDFC and HDFC Bank each held 10 percent each in the network. After the sale, the government will hold a major stake in GSTN.

"We wish to inform you that the Corporation has agreed to sell its entire stake of 10% in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore," HDFC said in a stock exchange filing on Friday.

HDFC Bank also made a similar statement on Thursday, "We wish to inform you that HDFC Bank Limited ("the Bank") has agreed to sell its entire stake of 10% in the equity share capital of Goods Services Tax Network consisting of 10,00,000 equity shares of Rs. 10 each, for a total consideration of Rs. 1 Crore to various State Governments and Union Territories."

Shares of HDFC and HDFC Bank ended higher in trade on Friday, each seeing a surge of over 1 percent.

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