Godrej Properties' arm gets investment from HDFC PMS

Godrej Properties Ltd has announced that the Company has entered into agreements / documents with HDFC PMS (under HDFC Asset Management Company Ltd. Portfolio Management Services Real Estate Portfolio-I, through its Portfolio Manager HDFC Asset Management Company Ltd.) whereby the Company has agreed to transfer 49% of the equity share capital of its subsidiary Godrej Sea View Properties Pvt. Ltd. ('GSVPPL') to HDFC PMS for an aggregate consideration of Rs. 55 Crores (Rupees Fifty Five Crores only) in two tranches of 22.27% and 26.73% of the equity share capital of GSVPPL respectively.

Pursuant thereto, the Company has, in the first tranche, transferred 22.27% of the equity share capital of GSVPPL to HDFC PMS for an aggregate consideration of Rs. 25 Crores (Rupees Twenty Five Crore only). The second tranche for transfer of 26.73% of the equity share capital of GSVPPL will take place subsequently.

The Godrej Properties stock was trading at Rs.503.80, up by Rs.3.80 or 0.76%. The stock hit an intraday high of Rs.509.90 and low of Rs.495.05.

The total traded quantity was 4403 compared to 2 week average of 62996.

Source : Equity Bulls

Keywords