Housing Development Finance Corporation now owns 6.43 percent in Reliance Capital, after it invoked a pledge on the company’s shares, AxisTrustee Services, the security trustee for HDFC, has informed the stock exchanges, “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 Corporation in its normal course of business,” Axis Trustee Services said. It 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 January this year, Reliance Capital had informed the stock exchanges that it had defaulted on term loans of Axis Bank and HDFC. It had borrowed Rs 523.98 crore from HDFC and Rs 100.63 crore from Axis Bank.
Source: CNBC TV18