Mortgage lender HDFC has announced that it would buy 9.90 percent stake in Kerala-based infrastructure fund management firm KIFML.

In a regulatory filing, HDFC says, "The Corporation has today invested in 3,88,303 equity shares of Rs.10 each of Kerala Infrastructure Fund Management Limited representing 9.90 percent of its share capital issued on a private placement basis."

The acquisition cost is on par with the face value of Rs.10 per share, states the filing. Furthermore, adding the acquisition is expected to be concluded in one month.

KIFML was promoted by the Kerala Infrastructure Investment Fund Board (KIIFB) to manage Kerala Infrastructure Fund. The organization, incorporated in November 2018, acts as an asset management company.

The net worth of KIFML has been estimated to be Rs.1.88 crore as on March 31, 2020. HDFC Ltd stock closed at Rs.2, 446.00 apiece on BSE, and is down by 3.36 percent from previous close.