Indian mortgage lender Housing Development Finance Corporation Ltd on Thursday said it will sell its units HDFC Developers and HDFC Realty to online classified advertising platform Quikr India Private Ltd for 3.57 billion rupees ($55.76 million).
HDFC will get 1.02 billion rupees for its stake in HDFC Developers, which runs its digital business HDFC RED platform, and 2.55 billion rupees for the offline real estate brokerage, HDFC Realty. http://bit.ly/2DneCm0
HDFC has also bought a stake in Bangalore-based Quikr, it said in a stock exchange filing without revealing any further details.
Kotak Investment Banking was the financial advisor to HDFC, while Avendus Capital advised Quikr on the deal.