Hubtown To Divest Entire Shareholding Of Its Subsidiary Heet Builders
Hubtown Limited has informed that the board of directors of the company at its meeting decided to divest its entire shareholding in one of its subsidiary Heet Builders Private Limited (Heet), comprising of 4,720 equity shares of the face value of RS.100 per share to purchasers. Consequent to the divestment by the Company, Heet shall cease to be a subsidiary of the Company.
The Company has a project at Matunga, and with liability of an amount of Rs.309.96 crore standing in the books of Heet is also transferred.
Total income of Heet Builders Private Limited ("Heet") as per the Audited Financial Statements for the Year ended March 31, 2018 is Rs.11.61 crore which is 1.36% of the consolidated income of Hubtown Limited and its subsidiaries.
Networth of Heet is negative as per the Audited Financial Statements for the Financial Year ended March 31, 2018.