HDFC sells realty arms to Quikr for Rs 357 crore

New Delhi, December 21 

HDFC Ltd today announced sale of its subsidiaries HDFC Realty and HDFC Developers to Quikr India in an all-stock deal that will give the financial services conglomerate a stake in the online classified platform now valued at over Rs 10,000 crore.

According to sources, HDFC will get over 3% stake in Quikr India in lieu of sale of its stake in the two subsidiaries for Rs 357 crore.

In a BSE filing, HDFC said it has “approved the sale of 100% of the equity share capital of HDFC Developers Ltd and HDFC Realty Ltd, its wholly-owned subsidiary companies to Quikr India Pvt Ltd at a total consideration of Rs 101.99 crore and Rs 254.98 crore, respectively”.

The deal, which values Quikr India at Rs 10,385 crore, is expected to be concluded in this fiscal. — PTI