HDFC Limited announced on Thursday that the corporation has sold 1,90,11,237 equity shares worth Rs 3,61,97,658 of Siti Networks Limited in the open market through an exchange filing. The sold shares represent a total of 2.18 per cent of the paid-up share capital of Siti, and after this sale, HDFC will hold 7,53,74,763 equity shares, representing 8.64 per cent of Siti's paid up share capital.
In the exchange filing, HDFC said the reason for the sale of the shares was financial disinvestment.
Siti Networks Limited is engaged in the distribution of television channels through allied services and a digital cable distribution network. The company's consolidated revenue for the financial year that ended on March 31, 2022, was Rs 1,461 crore, and the total assets were at Rs 1,650 crore.
HDFC on December 26, 2022 sold 5.1% stake in Ruralshores Business services for Rs 9 million.
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