HDFC Bank shares gain on plans to exit GSTN
Share price of HDFC Bank rose more than 1 percent intraday on August 30 as the company plans to sell its entire stake in software company Goods & Services Tax Network.
The company has agreed to sell its entire stake of 10 percent in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories, as per a company release.
The bank’s promoter Housing Development Finance Corporation (HDFC) is also a shareholder in GSTN.
GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST).
At 0939 hrs, HDFC Bank was quoting at Rs 2,253.50, up Rs 25.90, or 1.16 percent on the BSE.