Hubtown is planning to sell its 50% stake in Mumbai’s Hindoostan Mills property at Prabhadevi. The company is expecting to raise R450 Cr from this sale.
The fund will be used to repay its debt which stood around R1850 Cr as on March’12.
This July, serial entrepreneur C Sivasankaran exited Prabhadevi project by selling its 50% stake to Red Fort Capital for R450 Cr.
In 2007, Hubtown bought the Hindoostan Mills’ land parcel with DLF from the Thackersey family for R 350 Cr. Hubtown was planning to exit this SPV from 2009 itself as the project had been on hold because of the liquidity crisis.
The Foreign Investment Promotion Board (FIPB) green-signals broking firm Sharekhan Ltd.’s proposal to sell 100 per cent stake to BNP Paribas after many deferrals. This move will allow the former to entice foreign investment of worth Rs 2,060 crore. Currently, this procedure falls under FDI policy that means, a foreign investor can have up to 100 percent stake in a stockbroking firm only under the automatic route.