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_Limited 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.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
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