Hindustan Construction Company (HCC) on Monday said it has sold its entire 26 percent stake in Mumbai-based Vikhroli Corporate Park to Blackstone Purchase Entities for about Rs 200 crore.
While HCC owned 26 percent of the stake, the remaining 74 percent is owned by ILFS Milestone Fund and others, HCC Ltd said in a filing to the BSE.
"This transaction is an integral part of our plans to monetise our non-core assets to further reduce our debts. the funds will be used to pare debts," HCC Group Chief Operating Officer Rajgopal Nogja said.
Through more such activities, the company is confident of bringing long-term stability to our balance sheet, he added.
HCC shares were trading at Rs 29.45 apiece on the BSE, up 1.73 percent from its previous close.
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