- By Aditya Pratap Singh
- Fri, 26 Jul 2024 02:56 PM (IST)
- Source:PTI
Godrej: As part of its strategy to monetize investments, Godrej Industries Group's family office arm Anamudi Real Estates has sold 47.37 lakh shares of realty firm Sobha Ltd for about Rs 860 crore through a block deal on the stock exchange, sources said.
Before this block deal, Anamudi Real Estates' stake in Bengaluru-based Sobha Ltd was at 9.99 percent, which has now come down to about 5 percent. According to sources, 47,37,548 shares were sold on the exchanges at around Rs 1,810, totaling about Rs 860 crore, to global and domestic institutional investors.
Sobha shares closed at Rs 1,862.50 each on the BSE on Thursday. Shares fell 3.18 percent to Rs 1,803.35 at 13:43 hours on Friday.
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Sources said the family office of Godrej Industries Group has sold Sobha Ltd shares at a multiple of 10 times the original investment, including dividends over a four-year holding period. They added that the investment is part of a strategy to monetize the investments.
Godrej Industries group was not immediately available for confirmation. Sobha Limited is one of the leading real estate developers in the country. It recently raised Rs 2,000 crore through a rights issue. The promoters of Sobha Ltd currently hold 52.77 percent stake in the company. The company currently has a market capitalization of around Rs 19,000 crore.
Speaking to PTI recently, Sobha Group founder PNC Menon said the group has chalked out an aggressive expansion plan for its India business and will soon enter the Mumbai luxury housing market.
Founded in 1995, Sobha Group has real estate businesses in Dubai and India. The Dubai entity is called Sova Realty, while the Indian entity is called Sobha Limited.
Listed on the Indian Stock Exchange in 2006, Sobha Limited is one of the real estate players in South India. Its sales bookings rose 28 percent to Rs 6,644.1 crore in the last fiscal from Rs 5,197.8 crore in the previous fiscal. The company aims to increase its annual sales bookings by more than four times to Rs 30,000 crore in the next four to five years, Menon had said.