General Announcement::Sale of shares of Computer Age Management Services Limited (CAMS) 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
24-Jan-2024 16:22:48
Status
New
Announcement Sub Title
Sale of shares of Computer Age Management Services Limited (CAMS) by HDFC Bank Limited
Announcement Reference
SG240124OTHRA44P
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 29,20,724 equity shares of Rs. 10 each held by erstwhile HDFC Ltd., in Computer Age Management Services Limited ( CAMS ), after the effective date (July 1, 2023) of the merger of HDFC Ltd. with and into HDFC Bank Limited (the Bank ), the Bank sold 9,86,315 shares (representing 2.01% of the share capital of CAMS).

Accordingly, the details are provided hereunder:

Particulars Details
Name of the target entity, details in brief such as size, turnover etc.
Computer Age Management Services Limited

For the financial year ended March 31, 2023 for CAMS:
Total income (consolidated): Rs. 998.64 crore
Total assets (consolidated): Rs. 1,097.55 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 BSE Ltd. ( BSE ) and National Stock Exchange of India Ltd. ( NSE ).

Industry to which the entity being sold belongs
Registrar and Transfer Agent
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 2.01% stake in CAMS over a period between August 25, 2023 and January 23, 2024 (both days inclusive). The Bank sold 9,86,315 shares of CAMS (being 2.01% equity stake) through the secondary market route on BSE & NSE, post which the shareholding of the Bank in CAMS currently is 3.94%

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
9,86,315 shares of CAMS (being 2.01% equity stake) were sold over a period between August 25, 2023 and January 23, 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 252.34 crore
Cost of sale/ price at which the shares are being sold
Sale price (average) of Rs. 2,558.43 per share for 9,86,315 shares sold over a period between August 25, 2023 and January 23, 2024 (both days inclusive)

Percentage of shareholding/ control divested and/ or number of shares sold
Percentage of shareholding divested over a period between August 25, 2023 and January 23, 2024 (both days inclusive): 2.01%

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 (in brief)
CAMS is a technology driven financial infrastructure and services provider to mutual funds and other financial institutions. As the registrar and transfer agency to the Indian mutual fund industry, CAMS serves ~69% of the average assets under management as of June 2023. The company also provides technology enabled service solutions to Alternatives and Insurance Companies.

Date of Incorporation : 25 May, 1988

Total income (consolidated) of CAMS for the last 3 financial years (ended March 31st):
FY21: Rs. 735.25 crore
FY22: Rs. 926.94 crore
FY23: Rs. 998.64 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.
Kindly take the same on your records.

Attachments

SGXForeignSEIntimation-SaleCAMS24jan2024.pdf
Total size =515K