Mortgage lender HDFC Ltd today said it has acquired over 25 per cent stake in Good Host, a company engaged in the business of managing student housing facilities, for Rs 69.5 crore.
HDFC is acquiring 30,52,469 equity shares of Good Host for a consideration of Rs 69,50,00,000 representing 25.01 per cent of its share capital from Manipal Integrated Services Pvt Ltd, HDFC said in a regulatory filing.
The acquisition, on a cash consideration basis, is expected to be completed by September, it added.
Good Host operates and manages hostel facilities for educational/training institutions in Jaipur and Udupi. The company reported a turnover of Rs 53.1 crore for 2017-18. In 2016-17, the turnover stood at Rs 8.6 crore and that in 2015-16 it was Rs 6.5 crore.
Shares of HDFC closed at Rs 0.38 per cent down at Rs 1,912.70 on BSE.
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