HDFC buys 49% stake in Godrej Estate

HDFC buys 49% stake in Godrej Estate

Mumbai: Godrej Properties on Monday said it will transfer 49% stake of its subsidiary Godrej Estate Developers to HDFC for Rs45 crore.

The company has entered into agreements with HDFC PMS to transfer 49% of the equity share capital of its arm Godrej Estate Developers for a consideration of Rs45 crore, Godrej Properties said in a filing to the Bombay Stock Exchange.

Further, Godrej Properties has assigned the development rights of its project at Chandigarh to Godrej Estate.

Shares of Godrej Properties were trading at Rs499 on BSE, down 1.43% from the previous close.