HDFC Bank Invests In TruBoard Via Subsidiary HDFC Capital Advisors

This investment aligns with HCAL's H@ART strategic plan to invest in proptech (property technology) companies

HDFC Capital Advisors Limited, a subsidiary of the HDFC Bank, has entered into a share subscription agreement for the acquisition of 1,043 equity shares of TruBoard which post allotment, would entitle HCAL to 8.5% of the equity share capital of TruBoard on a fully diluted basis.

The shares have been acquired at a price of ₹698.77 per share total amount of ₹7.28 Lakh. Post completion, the shareholding of HCAL in TruBoard shall be as follows on a fully diluted basis (assuming no other investments/ changes to the share capital of TruBoard or other corporate action in the interim).

TruBoard based-out in Mumbai was incorporated in 2021 and is engaged in the business of providing technology-led service solutions, including Software-as-a-Service (SaaS) through project management, consultancy & advisory, due diligence, compliance management, project performance (financial and non-financial) monitoring, project management, and other services to developers and investors in the real estate sector.

According to an exchange filing, HCAL has proposed to invest in TruBoard under its H@ART strategic plan to invest in technology companies for the benefit of the real estate sector. HCAL entered into a binding share subscription agreement on May 30, 2024, in connection with the proposed investment.