Mumbai (Maharashtra) [India], January 21 (ANI): Non-banking finance company Housing Development Finance Corporation (HDFC) has signed a pact to sell its 24.48 per cent stake in Good Host Spaces, a company engaged in the business of managing student housing facilities, for nearly Rs 233 crore.
HDFC said the aggregate sale consideration for the sale shares is Rs 232.81 crore which is subject to various customary adjustments as agreed between the parties, and the final sale consideration will be calculated accordingly.
"The corporation has entered into a share purchase agreement for sale of 47.75 lakh equity shares of Re 1 each representing 24.48 per cent of the issued and paid-up share capital of Good Host," it said in regulatory filings at stock exchanges.
HDFC had acquired stake in Good Host in August 2018 for Rs 69.5 crore. After the sale, Good Host will cease to be an associate company of HDFC.
Good Host, which is engaged in providing hostel services, guest house services, service apartments and leasing of property for hostel services, had reported a turnover of Rs 112.6 crore in fiscal 2019-20. (ANI)