HDFC Ltd Acquires 8.42% Stake in Ansal Housing
Mortgage lender Housing Development Finance Corporation (HDFC) Ltd has acquired an 8.42% stake in Ansal Housing Limited by invoking pledged shares of the company following loan repayment default.
“We would like to inform you that the corporation has invoked the pledge on certain shares of Ansal Housing, for recovery of part outstanding dues against loans availed by pledgors from the corporation,” the mortgage lender said in a filing to the exchanges late on 29th June.
Real estate developer Ansal Housing reported a turnover Rs116.93 crore for the year ended 31 March 2020 and its net worth as on that date was Rs 214.12 crore. According to the company website, Ansal Housing has already completed many development projects involving an area of about 76 million square feet in Delhi, Mumbai, Meerut, Lucknow and Ghaziabad.
In its annual report report for FY20, the company had said HDFC Ltd issued a demand notice under Section 13(2) of the Sarfaesi Act, 2002, for enforcement of secured assets against the entire outstanding dues of Rs150.19 crore, including interest till 30 April 2019. Balance outstanding as per the books as on 31 March 2019 is Rs14,7.7 crore, including interest of ₹57 lakh, it had added.