Housing Development Finance Corporation (HDFC) announced on June 22 that it has made a new investment in home interior brands Bonito Design and Cognilements Pvt Ltd, also known as Relata, which provides technology solutions to the real estate business.
HDFC said it has “executed definitive agreement for the subscription of 6,068 equity shares of Bonito”. This gave the company a 3.86 percent shareholding and 5.13 percent voting rights, regulatory filings said.
The stake in Bonito was acquired in an all-cash deal, at a price of Rs 41,196 per equity share resulting in a total consideration of Rs 25 crore, it added.
In Relata, the corporation has invested through HDFC Capital Advisors Limited (HCAL), a subsidiary, which has “entered into a share subscription agreement for the acquisition of 914 Compulsorily Convertible Preference (CCPS) shares”.
Post allotment, CCPS will entitle HCAL to approximately 4 to 7 percent of the Relator’s equity share capital on a fully diluted basis, HDFC said. A total of 914 CCPSs are being acquired, costing Rs 21,872 each, it added.
HDFC also informed the exchanges that it has divested its entire 9.65 percent stake in Rurashores Business Services Pvt. The business processing outsourcing company recently made a buyback offer to its shareholders, whereby HDFC “offered its entire stake i.e. 2,66,351 equity shares of Rs 10 each, representing 9.65 percent of the paid-up share capital” for sale.
“The Corporation today i.e. June 22, 2023, has received a confirmation regarding its acceptance from Ruralshores,” HDFC said.
