HDFC Property Ventures Ltd divests stake in Magnum

HDFC Property Ventures Limited, a wholly owned subsidiary of Housing Development Finance Corporation Ltd. (the Corporation), has sold 50,000 equity shares of Rs. 10 each, representing 50.00% of the issued and paid-up share capital of Magnum Foundations Private Limited (Magnum).

For the financial year ended on March 31, 2020, the balance sheet size of Magnum was Rs. 72,32,90,588.41.

The aggregate sale consideration to be received 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 the Corporation.

Shares of HOUSING DEVELOPMENT FINANCE CORP.LTD. was last trading in BSE at Rs.2706.2 as compared to the previous close of Rs. 2625.9. The total number of shares traded during the day was 534863 in over 17653 trades.

The stock hit an intraday high of Rs. 2723 and intraday low of 2611. The net turnover during the day was Rs. 1419788061.

Source : Equity Bulls

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