HDFC Ltd today announced that it has acquired 8.42% stake in real estate developer Ansal Housing through invocation of pledged shares.
The non-banking lender has invoked pledge on 5 million shares of Ansal Housing to recover part outstanding dues by certain borrowers.
“The main objective of Ansal is to acquire, purchase, sell, own, manage, improve, develop, let, take on lease, exchange, mortgage, assign, hire or otherwise acquire and/or dispose of any type of lands or properties or any tenure of interest herein and to erect and construct houses, multi-storeyed flats, building farmhouses, shops or works of every description and to pull down, rebuild, enlarge, alter, and improve existing houses, buildings, shops and works thereon and to convert and appropriate any such lands into roads, streets, gardens and other convenience and generally to act as real estate developers, builders, colonisers, contractors and agents,” HFDC said in a statement.
Source: Mint