Mumbai-based public listed developer Godrej Properties is buying back 49.90 per cent stake in its subsidiary Godrej Buildwell Private Ltd (GBPL) from private equity investor Motilal Oswal Advisors-managed India Realty Excellence Fund, the company said on Wednesday.
It did not disclose the terms of the transaction including the value of the deal.
Launched in 2009 with a corpus of Rs 200 crore, India Realty Excellence Fund made seven investments that include a Bangalore project of Godrej Properties called Godrej Platinum.
The domestic fund primarily followed the strategy of investing in affordable & mid-income residential and re-development projects backed by well established mid-sized developers across various metros in India. It made investments with an average ticket size of Rs 20-30 crore per project.
However, it had put in around Rs 45-50 crore in Godrej Platinum, which is among the current projects of Godrej Properties.
Godrej Properties, which recently came out with its Q2 FY15 results, reported a net profit of Rs 46.6 crore, up by 36 per cent over the year-ago period with sales volumes shooting up 177 per cent.
It launched seven projects in the second quarter and aims to have a similar number of launches in Q3 as well.
(Edited by Joby Puthuparampil Johnson)
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