Mortgage lender HDFC Ltd has entered into an agreement to sell its 24.48 per cent stake in Good Host for Rs 232.81 crore, according to a regulatory filing.
Good Host is a company engaged in the business of managing student housing facilities.
In a regulatory filing Housing Development Finance Corporation Ltd (HDFC) said, “… the corporation has today entered into a share purchase agreement for sale of 47,75,241 equity shares of Re 1 each, representing 24.48 per cent of the issued and paid-up share capital of Good Host,” Housing Development Finance Corporation Ltd (HDFC).
HDFC said, “the aggregate sale consideration for the sale shares is Rs 232.81 crore which is subject to various customary adjustments as agreed between the parties, and the final sale consideration shall be calculated accordingly.”
Good Host, which is engaged in providing hostel services, guest house services, service apartments and leasing of property for hostel services. The company posted a turnover of Rs 112.60 crore for FY2019-20.
Subsequent to the above sale, Good Host would cease to be an associate company of the corporation, HDFC said. The mortgage lender, however, did not give details about the buyer.
HDFC had acquired 25.01 per cent stake in Good Host in August 2018 for Rs 69.5 crore.