Diversified conglomerate Godrej Industries Ltd has sold a 1.37 per cent stake in group firm Godrej Properties Ltd to private-sector lender Kotak Mahindra Bank for around Rs 90.61 crore ($13.61 million).
Godrej Industries sold 2.74 million shares in the developer at an average price of Rs 330 apiece, bulk deal data available with the National Stock Exchange showed. Godrej Industries now owns 53.73 per cent of the realty firm.
Promoters including Godrej Industries owned a 74.86 per cent stake in the real estate firm as of September 30.
Godrej Properties, the fourth largest realtor by market value, is developing residential, commercial and township projects spread across 10.25 million square metres in 12 cities. It has a presence in Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Nagpur and Hyderabad.
VCCircle last week reported that the firm was in talks with the Dutch pension fund APG Asset Management NV for a second joint investment platform on the lines of a venture they formed three years ago.
In 2012, a group of foreign investors led by APG and asset management firm Sparinvest Property Investors had formed a residential property development platform with the Mumbai-listed developer. The investors had put in Rs 770 crore ($138 million then) to pick up a 71 per cent stake in the joint venture while Godrej Properties owned the rest.
In July this year, the company bought an 18-acre land parcel from Purvankara in Bengaluru to develop a mid-income housing project. The company had said it fully used the corpus from the APG platform with this transaction. Under the joint investment platform, it has taken up four developments with one each in Bengaluru and Mumbai and two in Delhi-NCR.