HDFC Bank, HDFC Securities
to pick up stake in Borderless
HDFC Bank alongwith its subsidiary HDFC Securities will pick up stake worth Rs 6.9
crore in backend software infrastructure development company Borderless
Softtech, the bank said on Tuesday.
For this, the bank said it has executed an agreement for subscribing 8,108
compulsory convertible cumulative preference shares (CCCPS) of face value of Rs
10 each of Borderless at a premium of Rs 606.60 directly for consideration of Rs
616.60 per piece.
Indirectly, its subsidiary HDFC Securities will acquire 1,03,989 optionally
redeemable compulsory convertible cumulative preference shares (ORCCCPS) of
Borderless at the same valuation.
The acquisition will happen at a cash consideration of Rs 49,99,392 by HDFC Bank
and Rs 6,41,19,617 by HDFC Securities.
Borderless facilitates global fractional investing in US listed stocks, funds and ETFs
(exchange traded funds).
"Post investment, bank will hold in aggregate 7.76 per cent of the shareholding of
Borderless on a fully diluted basis, directly and indirectly, by way of subscription
to 8,108 CCCPS of face value of Rs 10 each fully paid up by itself and 1,03,989 in
ORCCCPS of face value of Rs 10 each fully paid up," HDFC Bank said.
Stock of HDFC Bank closed 0.28 per cent down at Rs 1,484.35 apiece on BSE.