HDFC Bank, India’s largest private sector bank by market capitalization, has announced that it has sold two of its subsidiaries -- HDFC Realty and HDFC Developers, in an all stocks deal.
Both HDFC Realty — an offline brokerage business and HDFC Developers (which runs online real estate classifieds platform HDFC RED) are 100% subsidiaries of HDFC.
According to a report by Moneycontrol, HDFC will get over 3 percent stake in Quikr India in lieu of sale of its stake in the two subsidiaries for Rs 357 crore.
Post this integration deal of HDFC Realty and RED, Quikr will become India’s leading online-to-offline real estate platform and offer consumers end-to-end home buying services, according to a statement from HDFC.
Notably, before this Quikr itself has previously acquired four real estate related startups so far, including Grabhouse and Commonfloor.
HDFC, on other hand, has made a second such startup deal where it has picked up a minority stake. Earlier in 2015, HDFC had picked up minority stake in Cardekho.com, an automobile-based online portal.
Both HDFC Realty — an offline brokerage business and HDFC Developers (which runs online real estate classifieds platform HDFC RED) are 100% subsidiaries of HDFC.
According to a report by Moneycontrol, HDFC will get over 3 percent stake in Quikr India in lieu of sale of its stake in the two subsidiaries for Rs 357 crore.
Post this integration deal of HDFC Realty and RED, Quikr will become India’s leading online-to-offline real estate platform and offer consumers end-to-end home buying services, according to a statement from HDFC.
Notably, before this Quikr itself has previously acquired four real estate related startups so far, including Grabhouse and Commonfloor.
HDFC, on other hand, has made a second such startup deal where it has picked up a minority stake. Earlier in 2015, HDFC had picked up minority stake in Cardekho.com, an automobile-based online portal.
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