REG - Housing Dev Fin Corp - Intimation - Appoval of sale of Subsidiaries <Origin Href="QuoteRef">HDFC.NS</Origin>

Housing Development FinanceAnnouncement

21/12/2017 12:30

RNS Number : 1015A
Housing Development Fin. Corp. Ltd.
21 December 2017
Ref. No.: SE/2017-18/272
December 21, 2017
BSE Limited National Stock Exchange of India Limited
P. J. Towers Exchange Plaza, Plot No. C/1, G Block
Dalal Street Bandra-Kurla Complex
Mumbai 400 001 Bandra (East), Mumbai 400 051
Kind Attn: Sr. General ManagerKind Attn: Head - Listing 
DCS - Listing Department
Dear Sirs,
Sub: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
We wish to inform you that the Corporation has today approved the sale of 100% of the equity share capital of HDFC Developers Limited and HDFC Realty Limited, its wholly owned subsidiary companies to Quikr India Private Limited (Quikr India) at a total consideration of Rs.101,99,43,800 and Rs. 254,98,64,112, respectively. The details required to be disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is as below:
Particulars
HDFC Developers Limited
HDFC Realty Limited
The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year
For the financial year ending March 31, 2017, HDFC Developers Limited contributed Rs. 6.23 crore to the turnover of the Corporation which represents 0.01% of the consolidated turnover of the Corporation and currently have negative networth. 
For the financial year ending March 31, 2017, HDFC Realty Limited contributed Rs. 35.25 crore to the turnover of the Corporation which represents 0.06% of the consolidated turnover of the Corporation and currently have negative networth.
Date on which the agreement for sale has been entered into
December 21, 2017
The expected date of completion of sale/disposal
Prior to March 31, 2018
Consideration received/ to be received from such sale/disposal
Rs. 101,99,43,800.00
Rs. 254,98,64,112.00
Brief details of buyers and whether any of the buyers belong to the promoter/ promoter group/group companies. If yes, details thereof
The acquirer is Quikr India Private Limited (Quikr India), a private limited company duly incorporated under the Companies Act, 1956 and having its registered office at Gunta No: 106, Sub No. 5, 6, 7, 8 and 9, Rachenahalli, (No-167, Dr. S.R.K Nagar Post), Krishnarajapuram Hobli, Bangalore - 560045. 
Quikr India Private Limited is the operator of www.quikr.com, a digital classifieds platform and is not a group company of the Corporation. Further, the Corporation is neither owned nor controlled, directly or indirectly, by any person, entity or government and does not owe allegiance to any promoter or promoter group. 
Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arms length"
The transaction is not a related party transaction. The Corporation and Quikr India Private Limited are not related parties.
Additionally, in case of a slump sale, indicative disclosures provided for amalgamation/merger, shall be disclosed by the listed entity with respect to such slump sale. 
Not applicable as the sale is not a slump sale.
A press release issued in this regard, is enclosed for necessary dissemination.
http://www.rns-pdf.londonstockexchange.com/rns/1015A_-2017-12-21.pdf

We request you to kindly take note of the same and arrange to make necessary announcement.
Thanking you
Yours faithfully,
For Housing Development Finance Corporation Limited
Ajay Agarwal
Company Secretary
Encl. a/a
Cc:  London Stock Exchange,
10, Paternoster Square, London, EC4M7LS.

This information is provided by RNS
The company news service from the London Stock Exchange
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