HDFC to buy 19.9% stake in Renaissance

New Delhi: Mortgage lender HDFC Ltd on Wednesday said it will acquire nearly 20 per cent stake in Renaissance Investment Solutions ARC (asset reconstruction company) Private Ltd for Rs 49.8 lakh.

HDFC Ltd on Wednesday entered into agreements for investment in Renaissance Investment Solutions ARC Private Limited, the company said in a regulatory filing. The investment would result in holding of 4,98,750 equity shares of Rs 10 each representing 19.95 per cent of Renaissance Investment Solutions ARC's share capital for a total consideration of Rs 49,87,500, the filing said.

Renaissance Investment will undertake the business of asset reconstruction subject to receipt of approval from the Reserve Bank of India (RBI), it said. Renaissance Investment was incorporated as a private limited company under the Companies Act, 2013 and certificate of incorporation was issued by the Registrar of Companies, Mumbai on October 28, 2020, it said. No governmental or regulatory approvals are required for the said investment, it said, adding, approval of the RBI is required for Renaissance Investment to commence the business of asset reconstruction. (PTI)