December 21, 2017 / 1:31 PM / 3 months ago

India's HDFC to sell units HDFC Developers, HDFC Realty to Quikr India

(Reuters) - Indian mortgage lender Housing Development Finance Corporation Ltd on Thursday said it will sell its units HDFC Developers and HDFC Realty to online classified advertising platform Quikr India Private Ltd for 3.57 billion rupees ($55.76 million).

HDFC will get 1.02 billion rupees for its stake in HDFC Developers, which runs its digital business HDFC RED platform, and 2.55 billion rupees for the offline real estate brokerage, HDFC Realty.

HDFC has also bought a stake in Bangalore-based Quikr, it said in a stock exchange filing without revealing any further details.

Kotak Investment Banking was the financial advisor to HDFC, while Avendus Capital advised Quikr on the deal.

($1 = 64.0200 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan

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