Godrej Properties Ltd (GPL), the listed real estate arm of diversified Godrej Industries Ltd, is selling 49% equity stake in its subsidiary Godrej Sea View Properties Pvt Ltd (GSVPPL) to HDFC PMS for Rs 55 crore. GPL has already signed an agreement with HDFC PMS, and raised Rs 25 crore in the first tranche, the company informed the Bombay Stock Exchange.
The investment is made through HDFC’s portfolio manager, HDFC Asset Management Company Ltd. HDFC is acquiring the GSVPPL stake in two tranches of 22.27% and 26.73%, respectively. For the first tranche of 22.27% equity capital in the company, HDFC has already paid Rs 25 crore, and will subsequently acquire the remaining stake.
Last week, in a similar deal, GPL has agreed to sell 49% stake to HDFC PMS in another subsidiary Godrej Estate Developers Pvt Ltd (GEDPL). HDFC will pay Rs 45 crore for the stake in the firm.
In October last year, GPL raised Rs 110 crore from Milestone Real Estate Fund in a residential project being developed in Kolkata.