HDFC Capital Advisors has signed a share subscription agreement to acquire 23.07 lakh Compulsorily Convertible Preference Shares (CCPS) and 10 equity shares with a 7.5 per cent voting right in Homexchange.
“HDFC Capital Advisors Limited (HCAL), a subsidiary of the HDFC Ltd, has on May 27, 2022 entered into a binding Share Subscription Agreement for acquisition of 23,07,682 CCPSof face value ₹10 each and 10 equity shares of face value ₹10 each, both of which post allotment, would entitle HCAL to approximately 7.5 per cent of the aggregate voting rights of Homexchange as on date, on a fully diluted basis,” HDFC Ltd said in a stock exchange filing on Saturday.
The shares are being acquired at ₹13 apiece, aggregating to a total consideration of ₹2,99,99,996.
“Investment in Homexchange is proposed to be made by HCAL under its H@ART initiative to invest in technology companies for the benefit of the real estate ecosystem,” HDFC Ltd further said.
Incorporated in September 2020, Homexchange is engaged in consulting and advisory services in real estate.