IDFC to Sell Full Stake in Units to Blackstone-Managed Funds

New Delhi: IDFC Ltd will sell its entire stake in subsidiary firms Galaxy Mercantiles and Neopro Technologies with real estate funds managed by Blackstone.

"IDFC Ltd...has signed a share purchase agreement with real estate funds managed by Blackstone for sale of 100 per cent stake of IDFC in its subsidiary companies Galaxy Mercantiles Limited and Neopro Technologies Pvt Ltd," it said in a regulatory filing to the BSE.

Galaxy Mercantiles is an information technology park based in Noida whereas Neopro Technologies is a special economic zone located in Pune.

However, IDFC neither disclose the value of the deal signed with the real estate funds nor provided names of the entities that will acquire its stake in the two subsidiaries.

Infrastructure lending firm IDFC works in association with government and regulators in formulating policies and regulatory framework to support private investment and public private partnerships in infrastructure development.

Shares in IDFC, on Monday, ended at Rs 140.60 apiece on the BSE , down 0.88 per cent per cent from the previous close.