Ansal Properties and Infrastructure (API) Ltd has offloaded its entire 66.24 per cent shareholding in subsidiary company Ansal IT City and Parks Ltd to Mahaluxmi Infrahome Pvt Ltd.
This will reduce the company's debt on a consolidated basis by Rs 11 crore. Ansal IT City and Park owns 37.5 acres of land in Greater Noida near the national capital.
Mahaluxmi Infrahome is a part of the part of Migsun Group, a leading real estate developer in the Delhi NCR region. The deal is subject to approval of regulatory authorities.
API said it reduced its debts and liabilities towards banks and financial institutions by nearly Rs 500 crore in the calendar year 2020.
At 12:45 pm, shares of API were locked in a 5 per cent upper circuit at Rs 11.43 per unit.
API currently operates in a range of business verticals such as integrated townships, condominiums, group housing, malls, shopping complex, hotels, special economic zones, IT parks and infrastructure, and utility services.
( With inputs from ANI )
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