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DHFL to divest 30.63% stake in Avanse to Warburg Pincus group

Posted On: 2019-03-16 12:34:52

The Special Committee of the Board of Directors of Dewan Housing Finance Corporation Limited ("Company") at its meeting held today i.e. on Saturday, 16th March, 2019 which commenced at 10.45 a.m. (10.45 Hrs) and concluded at 11.50 a.m. (11.50 Hrs), considered and accorded approval to disinvest to Olive Vine Investment Limited an affiliate of the Warburg Pincus Group ("Acquirer"), 1,92,50,719 (One Crore ninety two lakhs fifty thousand seven hundred and nineteen) equity shares constituting 30.63% (Thirty point Sixty Three percent) of the paid up capital of Avanse Financial Services Limited ("Avanse") i.e. its entire shareholding held in Avanse ("Proposed Transaction").

Pursuant to the above, the Company has entered into a Share Purchase Agreement on 16th March, 2019 with the Acquirer, Avanse and the other sellers including Wadhawan Global Capital Limited (WGC) promoter entity of the Company. The Proposed Transaction is subject to applicable regulatory and other approvals and certain other conditions.

Shares of DEWAN HOUSING FINANCE CORPORATION LTD. was last trading in BSE at Rs.127.95 as compared to the previous close of Rs. 128.9. The total number of shares traded during the day was 1492174 in over 9458 trades.

The stock hit an intraday high of Rs. 131.4 and intraday low of 126.85. The net turnover during the day was Rs. 192545397.


Source: Equity Bulls

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