HDIL to sell Kurla land parcel development rights for Rs649.51 crore
Property developer DK Realty to buy land parcel in Mumbai suburb for `649.51 crore
Mumbai: Real estate firm Housing Development and Infrastructure Ltd (HDIL) will sell the development rights of its land parcel at Kurla, a suburb in Mumbai, to property developer DK Realty (India) Pvt. Ltd for ₹ 649.51 crore, HDIL told the Bombay Stock Exchange (BSE) on Monday.
The company, which is looking to pare its debt through the sale, did not disclose the land size.
HDIL had earlier said it plans to cut debt by around 15% in fiscal 2016. Its debt as on 30 September stands at ₹ 2,908.11 crore.
Earlier in 2015, the company had announced plans to sell land parcels in Vadodara and Hyderabad as part of its strategy to offload non-core assets and improve cash flow.
Shares of HDIL closed at ₹ 70.35 on BSE, up 6.2%, while the benchmark Sensex gained 0.85% to close at 25,735.90 points.
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