BankMuscat to offload total stake in HDFC BankJune 16th, 2009 - 3:49 pm ICT by IANS
Muscat, June 16 (IANS) Oman’s biggest lender BankMuscat Tuesday said it will sell its remaining holding in HDFC Bank within a month.
BankMuscat, which held 9,051,724 equity shares or 2.13 percent in India’s second largest private lender till Dec 31, 2008, had disposed of about 81 percent of its stake till March 22.
“BankMuscat confirms its intention to dispose of its remaining 0.5 percent holding in HDFC Bank, India. Subject to market conditions and other disposal criteria, we expect the sale process to conclude within the next thirty days,” the bank said in a regulatory statement to the Muscat Stock Exchange.
The HDFC Bank scrip, which was trading at Rs.1,524.80, 0.33 percent down at 2 p.m. on the Bombay Stock exchange, was close to its 52-week high of Rs.1,569 June 12, while BankMuscat was trading at 0.705 Omani riyals, up 1.29 percent on the Muscat bourse.