Delhi/NCR
Mumbai-based developer Godrej Properties has sold 49% shareholding in its subsidiary, Godrej Premium Builders, which is developing a project at Sector 104 in Gurgaon, to Sun-Apollo India Real Estate Fund.
In an announcment to the Bombay Stock Exchange, Godrej Properties, the real estate development arm of the Godrej Group, announced an agreement with Sun-Apollo. The private equity fund has invested Rs 45 crore out of which Rs 18.3 crore has been paid to Godrej Properties for the sale of stake, and the rest Rs 26.7 crore has been invested in the subsidiary company. “This fits in well with Godrej Properties’ strategy of efficient capital management and demonstrates our continued capability to attract equity capital during all types market conditions,” said Pirojsha Godrej, executive director of Godrej Properties.
Source:http://content.magicbricks.com/industry-news/commercial-real-estate-news-industry-news/godrej-properties-sells-49-percent-stake-in-subsidiary/29364.html