VCCircle

A promoter of Sobha Developers Ltd on Monday sold a 4 percent stake via a block deal to Aranda Investments, a unit of Singapore's Temasek Holdings, a top official said. "Aranda Investments, an affiliate of Temasek Holdings, the investment arm of Singapore government, has purchased shares in a block deal today. This is the first investment by the company in the Indian real estate space," J.C. Sharma, managing director, told Reuters over the telephone. Earlier in the day, 4 million shares, or 4 percent of the company's equity, changed hands in a block deal at 251 rupees a share. Post-sale, Chairman P.N.C. Menon holds 12.7 percent stake while the total founders' stake stands at 60.5 percent, the company had said in a disclosure to the National Stock Exchange. "It is not Sobha that has sold its stake but it's the promoters who have monetised for the first time. They (the promoter) will be using it for their own business requirements," Sharma said. The company also hopes to launch 8 million sq. feet of new projects in the coming fiscal, he added.