HDFC makes investments in Bonito Design, Relata; fully exits Ruralshores

Housing Development Finance Corporation (HDFC) announced on June 22 that it has made fresh investments in two companies, Bonito Design and Cognilements Pvt Ltd (Relata). In an all-cash deal, HDFC acquired a stake in Bonito, amounting to 3.86 percent shareholding and 5.13 percent voting rights, through the subscription of 6,068 equity shares. The investment in Bonito was made at a price of Rs 41,196 per equity share, resulting in a total consideration of Rs 25 crore.

For the investment in Relata, HDFC's subsidiary, HDFC Capital Advisors Ltd (HCAL), entered into a Share Subscription Agreement to acquire 914 Compulsorily Convertible Preference (CCPS) shares. Upon allotment, HCAL will hold approximately 4 to 7 percent of the equity share capital of Relata on a fully diluted basis. The CCPS shares were acquired at a price of Rs 21,872 each.

In addition to the investments, HDFC divested its entire stake of 9.65 percent in Ruralshores Business Services Pvt Ltd. Ruralshores had recently provided a buyback offer to its shareholders, and HDFC sold its stake of 2,66,351 equity shares of Rs 10 each, representing 9.65 percent of the paid-up share capital.

Furthermore, HDFC completed the sale of 10 lakh equity shares of HDFC Property Ventures Limited (HPVL) and 5 lakh equity shares of HDFC Venture Capital Limited (HVCL) to Vividh Distributors and its nominees on June 21. The stake sale in HPVL fetched HDFC Rs 1.20 crore, while the sale of shares in HVCL fetched Rs 0.30 crore.

These investments and divestments demonstrate HDFC's active participation in the real estate and related sectors, expanding its portfolio and optimizing its holdings in subsidiary companies.