Wadhawan Global Capital (WGC), the parent company of Dewan Housing Finance (DHFL) has agreed to sell the entire 70 per cent stake in Aadhar Housing Finance (AHFL), its affordable housing finance arm, to global private equity (PE) giant Blackstone for an undisclosed sum. DHFL, the flagship entity of WGC Group, which holds a 9.15 per cent stake in AHFL, will also be exiting the company as a part of the transaction. The company said, “Private equity funds managed by Blackstone have entered into a definitive agreement with WGC to acquire its stake in its housing finance subsidiary, Aadhar Housing Finance (AHFL). As a part of the deal, WGC will be selling the entire 70 per cent of its stake. “The deal will significantly reduce WGC's outstanding corporate debt.” Kapil Wadhawan, chairman, WGC, said: “The transaction with Blackstone is a part of our multi-pronged strategy to reduce the corporate debt levels and strengthen our balance sheet. “The sale unlocks the latent value within the WGC Group while reinstating our immediate and long-term focus on DHFL, the flagship company of the group.”