HDFC has sold 24.48% stake in Good Host Spaces to an affiliate of global private equity Warburg Pincus for Rs 216.18 crore.
HDFC concluded the sale of 47,75,241 equity shares of Re 1 each, representing 24.48% stake of Good Host Spaces to Baskin Lake Investments, an affiliate of global private equity Warburg Pincus, at Rs 452.71 per equity share, aggregating to a total consideration of Rs 216.18 crore.
Post sale, Good Host Spaces ceased to be an associate of HDFC. The housing finance major had acquired 25.01% stake in Good Host for Rs 69.5 crore in 2018. Good Host is engaged in the business of managing student housing facilities.
HDFC's standalone net profit tanked 65.1% to Rs 2,925.83 crore in Q3 December 2020 from Rs 8,372.49 crore in Q3 December 2019. Total income stood at Rs 11,716.34 crore in Q3 FY21, dropping 42.3% Y-o-Y (year-on-year) from Rs 20,291.45 crore in Q3 FY20.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India.
Shares of HDFC added 0.29% to Rs 2,486.45 on BSE. The stock hit an intraday low of Rs 2,438 and an intraday high of Rs 2,497 so far.
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