HDFC approves sale of two subsidiaries to Quikr India for Rs 357 cr

Mumbai Dec 21 (IANS) Housing Development Finance Corporation on Thursday said it has approved the sale of its wholly-owned subsidiary companies -- HDFC Developers and HDFC Realty -- to online classifieds platform Quikr India for around Rs 357 crore.

According to HDFC the company will get around Rs 102 crore for its stake in HDFC Developers and around Rs 255 crore for the offline real estate brokerage HDFC Realty.

"The Corporation on Thursday approved the sale of 100 per cent equity share capital in HDFC Developers and HDFC Realty its wholly owned subsidiary companies to Quikr India at a total consideration of Rs 1 019 943 800 and Rs 2 549 864 112 respectively " the company said a regulatory filing to the BSE.

--IANS
ppg/tsb/vm