Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Godrej raises 45 cr by selling 49% stake in Gurgaon project
BackBack

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

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

A file photo of a construction sitePremium

A file photo of a construction site

New Delhi: Realty firm Godrej Properties on Thursday said the company has raised 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

“Sun Apollo has invested 45 crore out of which 18.3 crore has been paid to Godrej Properties for sale of stake and 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".

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 29 Dec 2011, 07:31 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie