India's largest housing finance company Housing Development Finance Corporation Ltd (HDFC) said it has invoked a pledge on 50 lakh shares of Ansal Housing Ltd, aggregating 8.42 percent of its paid-up share capital.
In an exchange filing, HDFC said, "For the purpose of recovery of part outstanding dues against loans availed by certain pledgers/borrowers, the Corporation on June 15, 2022, invoked the pledge on 50,00,000 shares of Ansal Housing Ltd (Ansal) aggregating 8.42 percent of its paid-up share capital, pledged with the corporation by the borrower."
The bank said in its normal course of business, it extends loans to various borrowers.
HDFC said it invoked a part of the shares pledged with it for recovery of part outstanding dues against loans availed by Ansal Housing. The acquisition is not a related party transaction for HDFC, the filing said.
Ansal Housing is in the business of construction and development of residential townships and commercial complexes. The company had a turnover of Rs 204.40 crore in the financial year 2021-22, Rs 139.03 crore in FY 2020-21, and Rs 116.94 crore in FY 2019-20. Its net worth stood at Rs 146.23 crore as of March 31, 2022.