Housing Development and Infrastructure (HDIL) has received an approval for divesting its 100% shareholding of its wholly owned subsidiary company ‘Excel Arcade’. The Finance Committee of the board at its meeting held on March 4, 2017, has approved for the same.
The company is holding 19,54,000 shares and had invested Rs 10.82 crore in Excel Arcade. 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 crore.
HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).
