HDFC to pick 29.5% in net broking arm |
MUMBAI, March 22
HOUSING Development Finance Corporation Ltd (HDFC) is picking up a 29.5 per cent stake in the proposed joint venture being set up with HDFC Bank for net broking.
The HDFC board, which met on Wednesday, approved the new venture and the board of HDFC Bank will be meeting on March 29 to discuss the proposal.
The new company will be engaged in net broking and other allied businesses.
According to sources, a third 'technology' partner is likely to pick up stake in HDFC Securities.
The HDFC board will be meeting again on March 27, to consider payment of interim dividend and raising the limit of FIIs' holding from 30 per cent to 40 per cent, according to a company notice to the stock exchanges.