Godrej Family Office likely to sell a 5% stake in Sobha Ltd
Anamudi Real Estates, a part of the Godrej family office, is likely to partially exit its share in Bengaluru-based real estate developer Sobha Ltd in a deal valued around Rs. 1,000 crore.
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The company will sell its 5 percent stake through block deals on stock exchanges. According to the shareholding pattern, Anamudi Real Estates has a 9.99 percent stake in the company.
The total market capitalisation of Sobha Ltd is nearly Rs 20,000 crore. Anamudi Real Estates holds 1,06,84,682 shares in Sobha Ltd.
“The Godrej family office has picked the stakes from the market and is now capitalizing on it through secondary exit in the market,” said a person aware of the deal that is expected to take place today.
The Godrej family group did not respond to an email sent by ET, while Sobha Ltd refused to comment.
Currently PNC Menon— promoter and family owns majority stake in the company followed by Anamudi Real Estates, Franklin India Focused Equity Fund and Schroder International Selection Fund Emerging Asia.
Separately, Sobha Ltd recently sanctioned a Rs 2,000 crore rights issue to bolster its equity and drive future growth. Following this capital infusion, the company's equity base will surge to Rs 4,500 crore.
The firm plans to develop a minimum of 50 million sq ft of projects across key cities like Mumbai, Bangalore, Pune, Chennai, Kerala, Hyderabad, and Ahmedabad over
