Shriram Properties fell 1.57 percent at the open on December 6 after foreign equity firm TPG Asia offloaded shares worth Rs 190 crore. At 9:20am on December 6, the stock was trading at Rs 125.45.
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According to exchange data, the US-based private equity firm TPG Asia SF V Pte Ltd has sold 1,67,56,351 equity shares in the real estate developer Shriram Properties at an average price of Rs 113.4 per share. The deal is worth Rs 190.01 crore. At the same time, Tara Emerging Asia Liquid Fund bought 8,84,956 shares in Shriram Properties at an average price of Rs 113 per share, BNP Paribas Arbitrage 10,77,776 shares at an average price of Rs 116.01 per share and OHM Enterprises picked 9,90,000 shares at an average price of Rs 113.71 per share.
In Q2FY24, the Bangalore-based real estate developer reported a net profit of Rs 20.2 crore up by three percent from the previous fiscal. Revenue also fell 16 percent year-on-year to Rs 231.3 crore. In the reporting quarter, gross collections stood at Rs 430 crore up by 37 percent YoY while aggregate gross collections rose to Rs 721 crore, up by 13 percent YoY in H1 of FY24.
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