General Announcement::Sale of shares of Indraprastha Medical Corporation Limited by HDFC Bank Limited

Issuer & Securities

Issuer/ Manager
HDFC BANK LIMITED
Securities
HDFCBANK INR23B 8.1%N250322 - XS1794215696 - 8NPB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
05-Apr-2024 16:09:41
Status
New
Announcement Sub Title
Sale of shares of Indraprastha Medical Corporation Limited by HDFC Bank Limited
Announcement Reference
SG240405OTHRE9UG
Submitted By (Co./ Ind. Name)
Dhanjit Thaivalappil
Designation
Deputy Vice President
Description (Please provide a detailed description of the event in the box below)
We wish to inform you that out of 50,31,897 equity shares of Rs. 10 each held by HDFC Bank Limited as on February 28, 2024, in Indraprastha Medical Corporation Limited ( Indraprastha ), the Bank has sold 27,81,897 shares (representing 3.03% of the share capital of Indraprastha).

Accordingly, the details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are provided hereunder:

Particulars Details
Name of the target entity, details in brief such as size, turnover etc.
Indraprastha Medical Corporation Limited

For the financial year ended March 31, 2023 for Indraprastha:
Total income: Rs. 1,108.70 crore
Total assets: Rs. 555.14 crore.

Whether the sale would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being sold? If yes, nature of interest and details thereof and whether the same is done at arms length
Not Applicable.

Shares were sold through the secondary market route on National Stock Exchange of India Ltd. ( NSE ).

Industry to which the entity being sold belongs
Healthcare services
Objects and effects of sale (including but not limited to, disclosure of reasons for sale of target entity, if its business is outside the main line of business of the listed entity)
Divestment of 3.03% stake in Indraprastha over a period between February 29, 2024 and April 4, 2024 (both days inclusive).
The Bank sold 27,81,897 shares of Indraprastha (being 3.03% equity stake) through the secondary market route on NSE, post which the shareholding of the Bank in Indraprastha currently is 2.45%.

Note: Equity stakes above are rounded to the nearest second decimal
Brief details of any governmental or regulatory approvals required for the sale
Not applicable
Indicative time period for completion of the sale / Date of completion of sale
27,81,897 shares of Indraprastha (being 3.03% equity stake) were sold over a period between February 29, 2024 and April 04, 2024 (both days inclusive) by HDFC Bank Limited.

Nature of consideration - whether cash consideration or share swap and details of the same
All cash consideration of Rs. 55.46 crore
Cost of sale/ price at which the shares are being sold
Sale price (average) of Rs. 199.38 per share for 27,81,897 shares sold over a period between February 29, 2024 and April 04, 2024 (both days inclusive)

Percentage of shareholding/ control divested and/ or number of shares sold
Percentage of shareholding divested over a period between February 29, 2024 and April 04, 2024 (both days inclusive): 3.03%

Note: Equity stakes above are rounded to the nearest second decimal

Brief background about the entity sold in terms of products/line of business sold, date of incorporation, history of last 3 years turnover, country in which the entity being sold has presence and any other significant information
Indraprastha Medical Corporation Limited is promoted by the Govt. of National Capital Territory of Delhi and Apollo Hospitals. It operates two hospital facilities: one based out of New Delhi and one based out of Noida.

Date of Incorporation: March 16, 1988

Total income of Indraprastha for the last 3 financial years ended March 31st:
FY21: Rs. 614.06 crore
FY22: Rs. 891.28 crore
FY23: Rs. 1,108.70 crore

Country of Presence: India


You are requested to take note of the above and arrange to bring this to the notice of all concerned.

Attachments

SGX.pdf
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