Anamudi Real Estates, a division of the Godrej family, is set to sell its 5 per cent stake in Sobha Ltd, based in Bengaluru. This stake is valued at nearly Rs 1,000 crore based on current market prices.
The share sale is likely to take place on Friday through a block deal on stock exchanges, sources said
Anamudi Real Estates, a division of the Godrej family, is set to sell its 5 per cent stake in Sobha Ltd, based in Bengaluru. This stake is valued at nearly Rs 1,000 crore based on current market prices.
According to the shareholding pattern, Anamudi Real Estates has a 9.99 per cent stake in Sobha Ltd.
The total market capitalisation of Sobha Ltd is nearly Rs 20,000 crore.
Anamudi Real Estates holds 1,06,84,682 shares in Sobha Ltd.
At 9:30 am, the shares of Sobha Ltd. were trading at Rs 1,802, down by nearly 3.25 per cent on the National Stock Exchange.
According to sources, Godrej Family has appointed bankers to sell half of the total stake held by the Anamudi Real Estates in Sobha Ltd.
The share sale is likely to take place on Friday through a block deal on stock exchanges, sources said.
The Godrej family group could not be immediately contacted.
Sobha Ltd is one of the leading real estate developers in the country. It recently raised Rs 2,000 crore through a rights issue.
In the quarter ending March, Sobha recorded modest sales of Rs 1,504 crore, with an average price realization of Rs 11,230 per square foot. Notably, Bengaluru accounted for nearly 77.5 per cent of the total sales value.
The company also introduced four new projects in Q4FY24, offering a combined saleable area of 3.18 million square feet. Two of these projects were launched in the final week of March.
On a year-to-date basis, the shares of the real estate company have delivered robust returns of nearly 80.71 per cent on the National Stock Exchange.
(With inputs from PTI)