Shriram Properties shares were up 1.17 percent at Rs 84.75 at 9.23 am on August 24 after Omega TC Sabre Holdings Private Limited (Omega TC) offloaded another 12.8 lakh shares on the National Stock Exchange.
Omega TC sold the 12.8 lakh shares for Rs 83.58 in a bulk deal on August 23. Buyers in the deal are unknown.
Omega TC has been offloading Shriram Properties shares for the last three days. The offloading began on August 21, when Omega TC sold 18 lakh Shriram Properties shares. On August 22, the company sold another 39 lakh Shriram Properties shares.
In the last three days, Omega TC has sold its 4.1 percent stake in the company, against its shareholding of 9.39 percent as of June 30.
Shriram Properties stock has gained 15.88 percent in the last three days.
Shriram Properties and ASK Properties Fund announced a joint investment of Rs 206 crores for developing an ongoing project in Chennai on August 23. The project would be developed via Shriram Properties subsidiary Shrivision Elevations Private Limited.
Also read Shriram Properties soars over 7% after Omega offloads additional stake
The project is located in Mangadu, in close proximity to the Porur - Manapakkam IT cluster and the upcoming metro corridor. It has a total saleable area of 1.9 million square feet and has an aggregate revenue potential of Rs.1,200 crores in next 5 years. The Project comprises of around 1,900 residential units, predominantly targeting the mid-income group.
“The acquisition is value accretive and will help us leverage the strong position in the micro market,” said M Murali, Chairman and Managing Director, Shriram Properties.
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