SUN-Apollo exits Gurgaon residential project Godrej Summit

Godrej Projects Development Private Limited (GPDPL), a subsidiary of Mumbai-based listed realty major Godrej Properties Ltd, has bought back 49 per cent of the paid-up share capital and entire debentures held by SUN-Apollo India Real Estate Fund LLC in its subsidiary Godrej Premium Builders Private Limited (GPBPL), the company said in a statement.

The company did not disclose financial details of the deal.

Godrej Premium Builders is developing a residential project called Godrej Summit in Gurgaon which has a developable area of 2.04 million spread across various phases.

Sun-Apollo had sealed the investment in late 2011 through its affiliates Madhavi SA Investments LLC and Madhavi Ventures Limited.

It had acquired 74.5 per cent stake in Godrej Premium Builders Pvt. Ltd. for a total consideration of $8.25 million (Rs 45 crore) on fully diluted basis. The investment was a combination of acquisition of compulsory convertible debentures and secondary purchase of shares from Godrej Properties Ltd.

The Mumbai-based developer has given exits to a bunch of PE funds from its projects of late. Recently, it sealed an agreement to buy back 49.9 per cent stake in its subsidiary Godrej Buildwell Private Ltd (GBPL) from private equity investor Motilal Oswal Advisors-managed India Realty Excellence Fund.

Also, home-grown private equity firm Milestone Capital recently exited its five-year-old investment in a residential project of Godrej Properties in Kolkata at an exit value of Rs 200 crore.

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