Godrej Properties raises Rs 45 cr by selling 49% stake in Gurgaon project
Godrej Properties Ltd has sold 49 per cent stake in its subsidiary Godrej Premium Builders to private equity firm Sun-Apollo India Real Estate Fund for Rs 45 crore, the Mumbai-headquartered real estate arm of Godrej Group confirmed.
Godrej Premium Builders is developing a project at sector 104 in Gurgaon, Haryana, called Manesar Urban Complex. It is the firm's second project in Gurgaon. Previously in 2010, the firm launched its first project, called Godrej Frontier, in sector-80 of Gurgaon.
Out of the Rs 45 crore, Rs 26.7 crore has been invested in the real estate firm's subsidiary, while the remaining Rs 18.3 crore has been paid to Godrej Properties Ltd for sale of stake.
Speaking on the topic, Godrej Properties executive director Pirojsha Godrej said, "This fits in well with Godrej Properties' strategy of efficient capital management and demonstrates our continued ability to attract equity capital in all market conditions."
Earlier, Godrej Properties Ltd sold stakes in its eight properties including three in Kolkata, two in Bangalore, and one each in Chandigarh, Chennai and Pune. Shares in Godrej Properties Ltd shed 0.10 per cent to close at Rs 618.10 on Thursday.
