HDFC Owns 6.43% Stake In Reliance Capital; After Invoking Share Pledge

Housing Development Finance Corporation (HDFC) i after the company invoked a pledge on the shares of Reliance Capital has a 6.43% stake in the brokerage house, said the security trustee for HDFC informing the stock exchanges.

"These shares were acquired pursuant to invocation of pledge by security trustee on behalf of the Corporation, which was pledged against a loan given by the Corporation in its normal course ofbusiness," Axis Trustee Services said.

HDFC Owns 6.43% Stake In Reliance Capital; After Invoking Share Pledge

The company said that the required disclosure was made earlier on March 27 and as the shares have now been credited into the Corporation's account, the disclosure to the exchages is being made again.

It is worth mentioning here that Reliance Capital in January this year informed exchanges that it defaulted on Axis Bank and HDFC term loans. The brokerage firm had borrowed Rs 523.98 crore from HDFC and Rs 100.63 crore from Axis Bank.

The stock of HDFC on Friday ended lower by 5% or Rs. 83.15 at Rs. 1579.35 per share on the BSE.

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