HDFC pulls in Reliance Capital's pledges to acquire 6.43% stake in the company

• Mortgage lender HDFC on Saturday said it has acquired 6.43% stake in debt-trapped Reliance Capital by invoking pledged shares.
  
• The company acquired 25.27 crore shares of ₹10 each, it said, adding that the total value of these shares are ₹252 crore.

Mortgage lender HDFC on Saturday said it has acquired 6.43% stake in debt-trapped Reliance Capital by invoking pledged shares.These shares were acquired pursuant to invocation of pledge by security trustee on behalf of the corporation, which was pledged against a loan given by the lender in its normal course of business, HDFC Ltd said in a regulatory filing.

Following this, the company acquired 25.27 crore shares of ₹10 each, it said, adding that the total value of these shares are ₹252 crore.

It further said the requisite disclosure had already been made on March 27, and since the shares have now been credited to the account of the Corporation, the disclosure was being made once again.

In early January, Reliance Capital informed stock exchanges that it had defaulted on term loans of Axis Bank and HDFC. It borrowed around ₹523.98 crore from HDFC and ₹100.63 crore from Axis Bank.