Anamudi Real Estates LLP, a privately-held Godrej family arm, is likely to sell 5 percent stake in Bengaluru-headquartered Sobha Ltd through block deals for $100 million, CNBC-TV18 reported on July 25 citing sources.
Anamudi Real Estates holds 9.99 percent stake in the real estate company.
There will be a 90-day lock-in period on further sale, reported CNBC-TV18. Deal price has likely been set at a discount of 6 percent to current market price of Sobha's stock.
On July 25, Sobha's shares on BSE closed 1.35 percent higher at Rs 1,849 apiece.
Sobha Ltd got listed on the Indian stock exchanges in 2006 and is one of the leading players in South India. It has presence in Delhi-NCR market.
Sobha Ltd has chalked out an aggressive expansion plan and will soon enter the Mumbai luxury housing market, as it seeks to achieve more than a four-fold jump in annual sale bookings to Rs 30,000 crore in the next 4-5 years.
In May, Sobha Ltd Chairman Emeritus PNC Menon had said that the company would increase its equity capital by four times to Rs 10,000 crore over the next five years to support future expansion plans and would launch a rights issue to raise around Rs 2,000 crore.
Sobha Ltd is part of Sobha Group that was founded by PNC Menon in 1995. The Group has real estate business in Dubai under an entity named Sobha Realty.
With inputs from PTI
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