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HDFC Bank has increased its stake in HDFC Securities ( the brokerage company promoted by mortgage lender HDFC.) to 55% from 29.5%. For around 20 crores from HDFC 38.25 lakh shares has been bought by HDFC Bank.RBIs approval has been granted to HDFC for buying HDFC Securities which is headed by Sunil Shah. He said HDFC securities will synergise them as it completes the suit offered by HDFC. HDFC Securities was promoted by HDFC in 00.The original share holding was HDFC(29.5%), HDFC Bank (29.5%),HDFC group employees (12.5%)and Chase Capital Partners(28.5%). The launch comes month after the ICICI group launched ICICI Webtrade to offer internet broking services. Due to decline in the in the stock markets the company suffered losses because of which in March 02 HDFC Securities chief executive officer Girish Bhagat and chief operating officer Mohan Natrajan resigned. |
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| Posted : 10/1/2005 |
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