HDFC sells HDFC Realty, HDFC Developers to Quikr for Rs 357 crore
HDFC Ltd announced sale of its subsidiaries HDFC Realty and HDFC Developers to Quikr India in an all stock deal that will give the financial services conglomerate a stake in the online classified platform now valued at over Rs 10,000 crore. According to sources, HDFC will get over 3 per cent stake in Quikr India in lieu of sale of its stake in the two subsidiaries for Rs 357 crore. The deal is the latest in online real estate brokerage space, where Quikr itself has previously acquired four companies so far, including Commonfloor. Earlier this year, News Corp-backed realty portal PropTiger.com acquired Housing.com.
In a BSE filing, HDFC said that it has “approved the sale of 100 per cent of the equity share capital of HDFC Developers Ltd and HDFC Realty Ltd, its wholly-owned subsidiary companies to Quikr India Pvt Ltd at a total consideration of Rs 101.99 crore and Rs 254.98 crore, respectively”.
The deal, which values Quikr India at Rs 10,385 crore, is expected to be concluded in this fiscal. Kotak Investment Banking was the advisor to HDFC for the deal, while Quikr was advised by Avendus.