Godrej Properties enters into private equity agreement with SUN-Apollo India Real Estate Fund, LLC acting through its affiliates/companies (SUN-Apollo).
The real estate developer sells 49% equity stake in a subsidiary developing its project at Sector 104 in Gurgaon.
Godrej Properties Ltd. (GPL), the real estate development arm of the Godrej Group, today announced an agreement with SUN-Apollo. Through this agreement, GPL has sold 49% equity stake in its subsidiary, Godrej Premium Builders Private Limited (GPBPL). SUN-Apollo has invested Rs. 45 crores out of which Rs. 18.3 has been paid to GPL for sale of stake and Rs. 26.7 crores has been invested in GPBPL.
Mr. Pirojsha Godrej, Executive Director, Godrej Properties said, “We are very happy to have reached this agreement with SUN-Apollo. This fits in well with GPL’s strategy of efficient capital management and demonstrates our continued ability to attract equity capital in all market conditions.”
The Godrej Properties stock was trading at Rs.618.10, down by Rs.0.60 or 0.10%. The stock hit an intraday high of Rs.628.20 and low of Rs.618.10.
The total traded quantity was 679 compared to 2 week average of 61781
Source: Equity Bulls