Promoters sell 1.37% stake in Godrej Properties to Kotak Mahindra

Promoter Godrej Industries has sold over 2% stake in Godrej Properties in open market for Rs 132.18 crore, the developer disclosed in a regulatory filing on the Bombay Stock Exchange.

In a filing to BSE, Godrej Properties informed that its promoter Godrej Industries has sold 40,05,000 shares at around Rs 330 apiece for about Rs 132.18 crore.

Godrej industries that earlier held 55.1% stake in Godrej Properties, now holds 53.1% stake in the company post the share sale.

The private sector lender acquired 27,46,043 shares, or a 1.37 per cent stake, in the real estate development arm of the Godrej group for Rs 90.61 crore, bulk deals data available with the NSE showed.

Godrej Properties is developing residential, commercial and township projects spread across 110.30 million square feet in 12 cities across the country.

Godrej Properties recently said it had sold 300 apartments within a week at its flagship project, The Trees, in suburban Vikhroli.