HDFC Property Ventures (HPVL), a wholly-owned subsidiary of HDFC, has sold 50,000 equity shares of Rs 10 each, representing 50% of the issued and paid-up share capital of Magnum Foundations.
The aggregate sale consideration is Rs 13,11,54,505. Subsequent to the sale of entire stake in Magnum by HPVL, Magnum has ceased to be an associate of HDFC.Magnum is principally engaged in construction and development of real estate project in India.
HDFC's net profit tanked 65.1% to Rs 2,925.83 crore on 42.26% decline in total income to Rs 11,716.34 crore in Q3 December 2020 over Q3 December 2019.
Shares of HDFC fell 0.74% to Rs 2,686.20 on BSE. HDFC is one of India's leading housing finance companies.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app