IDFC Ltd will sell its entire stake in subsidiary firms Galaxy Mercantiles and Neopro Technologies with real estate funds managed by Blackstone.
"IDFC Ltd...Has signed a share purchase agreement with real estate funds managed by Blackstone for sale of 100 per cent stake of IDFC in its subsidiary companies Galaxy Mercantiles Limited and Neopro Technologies Pvt Ltd," it said in a regulatory filing to the BSE.
Galaxy Mercantiles is an information technology park based in Noida, while Neopro Technologies is a special economic zone located in Pune.
However, IDFC did not disclose the value of the deal signed with the real estate funds neither provided names of the entities that will acquire its stake in these two subsidiary firms.
Infrastructure lending firm IDFC works in association with government and regulators in formulating policies and regulatory framework to support private investment and public private partnerships in infrastructure development.
IDFC shares closed 0.88 per cent lower at Rs 140.60 apiece on the BSE today.
