HDIL gains 2% on stake divestment in subsidiary company

Share price of Housing Development and Infrastructure (HDIL) gained 2.5 percent as it is going to divest its stake in the subsidiary company.The finance committee of the company at its meeting held on March 4, has decided to divest its 100 percent shareholding of its wholly owned subsidiary company, Excel Arcade.The company was holding 19,54,000 shares and had invested Rs 10,81,50,100 in that company.It was meant to be a SPV for a project at Vikhroli. Since the timeline for the project is uncertain, it was decided to divest the investment in the subsidiary company for Rs 17,00,00,000. At 12:57 hrs Housing Development and Infrastructure was quoting at Rs 69.65, up Rs 1.40, or 2.05 percent on the BSEPosted by Rakesh Patil