Mortgage lender HDFC Ltd has signed an agreement to sell its 24.48% stake in Good Host, a company engaged in the business of managing student housing facilities, for ?232.81 crore, according to a regulatory filing.
“The corporation has today entered into a share purchase agreement for sale of 47,75,241 equity shares of Re 1 each, representing 24.48% of the issued and paid-up share capital of Good Host,” Housing Development Finance Corporation Ltd (HDFC) said in the late night regulatory filing on Wednesday.
HDFC said the aggregate sale consideration for the sale shares is ?232.81 crore which is subject to various customary adjustments as agreed between the parties, and the final sale consideration shall be calculated accordingly. Good Host, which is engaged in providing hostel services, guest house services, service apartments and leasing of property for hostel service, had reported a turnover of ?112.60 crore for fiscal 2019-20.
Subsequent to the above sale, Good Host would cease to be an associate company of the corporation, HDFC said. The mortgage lender, however, did not give details about the buyer. HDFC had acquired 25.01% stake in Good Host in August 2018 for ?69.5 crore.
News Source:- livemint