HDFC Capital Advisors Limited (HCAL), a wholly-owned subsidiary of the company, has entered into a share subscription agreement with Loyalie IT-Solutions Private Ltd to acquire 3,90,666 equity shares for ₹1.1 crores. HDFC Capital Advisors Limited is a wholly-owned subsidiary of HDFC Ltd and manages real estate private equity investments.
The acquisition will entitle HCAL to about 7.20% of Loyalie’s equity share capital after allotment on a fully diluted basis.
“Investment in Loyalie is proposed to be made by HCAL under its HART initiative programme to invest in technology companies for the benefit of the real estate ecosystem. A binding share subscription agreement in relation to such proposed investment has been entered into by HCAL,” HDFC said in a stock exchanges statement.
The stock is being purchased at a price of ₹28.16 per equity share.
Loyalie is in the business of providing marketing schemes proposed by its clients, loyalty or reward bonuses proposed by its clients, and real estate brokerage services customized to their needs.
Following the deal’s completion, HCAL’s shareholding in Loyalie will be as follows on a fully diluted basis, assuming no new investments, changes to Loyalie’s share capital, or other corporate action in the interim, according to the company.
Loyalie’s turnover increased to ₹2.02 crore in the financial year 2020-21 from ₹1.33 crore the previous year, according to regulatory filings.
The startup works with Godrej Properties, Mahindra Lifespace Developers, and Shapoorji Pallonji Real Estate, among others, and has a presence in more than 10 cities.