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.
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