Godrej raises Rs 45 cr by selling 49% stake in Gurgaon project

Godrej raises Rs 45 cr by selling 49% stake in Gurgaon project
PTI
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First Published: Thu, Dec 29 2011. 07 31 PM IST

A file photo of a construction site
A file photo of a construction site
Updated: Thu, Dec 29 2011. 07 31 PM IST
New Delhi: Realty firm Godrej Properties on Thursday said the company has raised Rs 45 crore by selling 49% stake in its arm to private equity firm Sun Apollo.
The subsidiary ‘Godrej Premium Builders’ is developing a project in Gurgaon.
A file photo of a construction site
“Through this agreement, Godrej Properties has sold 49% stake in its subsidiary Godrej Premium Builders,” the company said in a statement.
“Sun Apollo has invested Rs 45 crore out of which Rs 18.3 crore has been paid to Godrej Properties for sale of stake and Rs 26.7 crore has been invested in Godrej Premium Builders,” it added.
At present, Godrej Properties is developing many projects in 12 cities across the country.
Commenting on the development, company’s executive director Pirojsha Godrej said, “This fits well with Godrej Properties Ltd’s strategy of efficient capital management and demonstrates our continued ability to attract equity capital in all market conditions”.
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First Published: Thu, Dec 29 2011. 07 31 PM IST