Corporate News 04-Mar-17
Housing Development & Infrastructure decides to divest subsidiary -Excel Arcade
For Rs 17 crore.
Housing Development & Infrastructure announced that the Finance Committee of the Board at its meeting held on 04 March 2017 has decided to divest its 100% shareholding of its wholly owned subsidiary , viz. Excel Arcade. HDIL was holding 1954000 shares and had invested Rs. 10,81,50,100 in that Company. It was meant to be a SPV for a project at Vikroli. Since the timeline for the project is uncertain, it was decided to divest the Investment in the Subsidiary Company for Rs. 17,00,00,000.
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