Earlier on 3 May 2023, HDFC had informed about sale of 1,87,06,774 shares, representing 2.15% of the paid-up share capital, of Siti Networks.

As on 31 March 2023, HDFC held 8.23% stake in Siti Networks.

Maharashtra-based Siti Network is engaged in distribution of television channels through digital cable distribution network and allied services. For the financial year ended on 31 March 2022, the consolidated revenue of Siti aggregated to Rs 1,461 crore and its total assets was Rs 1,650 crore.

HDFC is a leading provider of housing finance in India. Its distribution network spans 737 outlets which include 214 offices of HDFC's distribution company, HDFC Sales (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank and third party direct selling associates. The corporation also has online digital platforms for loans and deposits.

The housing finance major's standalone net profit rose 19.6% to Rs 4,425.50 crore on 35.62% jump in total income to Rs 16,692.12 crore in Q4 FY23 over Q4 FY22.

Shares of HDFC fell 0.79% to Rs 2649.75 and Siti Networks fell 1.16% to Rs 0.85 on Thursday, 25 May 2023.