Exhibit 99
April 5, 2024
New York Stock Exchange
11, Wall Street,
New York,
NY 10005
USA
Dear Sir/ Madam,
Sub: Sale of shares of Indraprastha Medical Corporation Limited by HDFC Bank Limited
We wish to inform you that out of 50,31,897 equity shares of Rs. 10 each held by HDFC Bank Limited as on February 28, 2024, in Indraprastha Medical Corporation Limited (“Indraprastha”), the Bank has sold 27,81,897 shares (representing 3.03% of the share capital of Indraprastha).
Accordingly, the details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are provided hereunder:
Particulars | Details | |
| Name of the target entity, details in brief such as size, turnover etc. | Indraprastha Medical Corporation Limited For the financial year ended March 31, 2023 for Indraprastha: Total income: Rs. 1,108.70 crore Total assets: Rs. 555.14 crore. | |
| Whether the sale would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being sold? If yes, nature of interest and details thereof and whether the same is done at “arms length” | Not Applicable. Shares were sold through the secondary market route on National Stock Exchange of India Ltd. (“NSE”). | |
| Industry to which the entity being sold belongs | Healthcare services | |
| Objects and effects of sale (including but not limited to, disclosure of reasons for sale of target entity, if its business is outside the main line of business of the listed entity) | Divestment of 3.03% stake in Indraprastha over a period between February 29, 2024 and April 4, 2024 (both days inclusive). The Bank sold 27,81,897 shares of Indraprastha (being 3.03% equity stake) through the secondary market route on NSE, post which the shareholding of the Bank in Indraprastha currently is 2.45%. Note: Equity stakes above are rounded to the nearest second decimal | |
| Brief details of any governmental or regulatory approvals required for the sale | Not applicable | |
| Indicative time period for completion of the sale / Date of completion of sale | 27,81,897 shares of Indraprastha (being 3.03% equity stake) were sold over a period between February 29, 2024 and April 04, 2024 (both days inclusive) by HDFC Bank Limited. | |
| Nature of consideration - whether cash consideration or share swap and details of the same | All cash consideration of Rs. 55.46 crore | |
| Cost of sale/ price at which the shares are being sold | Sale price (average) of Rs. 199.38 per share for 27,81,897 shares sold over a period between February 29, 2024 and April 04, 2024 (both days inclusive) | |
| Percentage of shareholding/ control divested and/ or number of shares sold | Percentage of shareholding divested over a period between February 29, 2024 and April 04, 2024 (both days inclusive): 3.03% Note: Equity stakes above are rounded to the nearest second decimal | |
| Brief background about the entity sold in terms of products/line of business sold, date of incorporation, history of last 3 years turnover, country in which the entity being sold has presence and any other significant information (in brief) | Indraprastha Medical Corporation Limited is promoted by the Govt. of National Capital Territory of Delhi and Apollo Hospitals. It operates two hospital facilities: one based out of New Delhi and one based out of Noida. Date of Incorporation: March 16, 1988 Total income of Indraprastha for the last 3 financial years (ended March 31st): FY21: Rs. 614.06 crore FY22: Rs. 891.28 crore FY23: Rs. 1,108.70 crore Country of Presence: India | |
You are requested to take note of the above and arrange to bring this to the notice of all concerned.
Yours faithfully,
For HDFC Bank Limited
Sd/-
Santosh Haldankar
Company Secretary
