Godrej Properties sells 49% stake in arm to SUN-Apollo fund

Moneycontrol Bureau

Real estate developer Godrej Properties has entered into private equity agreement with SUN-Apollo India Real Estate Fund to sell 49% stake in its subsidiary, Godrej Premium Builders. 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, the Godrej group company said on Thursday. Godrej Properties had on Wednesday said it had assigned all the rights and obligations of the company under the development agreement entered with Magic Info Solutions and others to Godrej Premium Builders to develop a residential project in Gurgaon's Sector 104. Godrej Properties shares closed up 0.2% at Rs 619.70 on NSE.