Godrej Prop buys back Red Fort's 49% stake in Kolkata project
New Delhi: Realty firm Godrej Properties on Wednesday said the company has bought back private equity firm Red Fort Capital's 49 percent stake in a subsidiary that is developing an IT Park in Kolkata, for an undisclosed amount.
In 2008, Red Fort had picked up 49 percent stake in the IT Park project 'Godrej Genesis'.
"In terms of the agreement with Red Fort India Real Estate Babur (Red Fort) for Project Godrej Genesis at Kolkata, the company has given exit to Red Fort by purchasing its 49 percent stake in the equity share capital of its subsidiary Godrej Developers Pvt Ltd (GDPL)," Godrej Properties said in a filing to the BSE.
GDPL has become wholly-owned subsidiary of the company with effect from December 4, 2013, it said, but did not disclose the amount it paid to Red Fort for the stake.
In July, Godrej had bought back HDFC Asset Management Company Ltd's nearly 50 percent stake each in the realty firm's two projects at Chennai and Chandigarh.
HDFC PMS (Portfolio Management Services) had invested about Rs 100 crore to pick up stakes in Godrej Properties' two subsidiaries, which are developing realty projects in Chennai and Chandigarh.
Godrej Properties has presence in 12 cities across India with about 90 million sq ft of potential developable area.
The company reported 48 percent rise in net profit during first half of this fiscal at Rs 73.7 crore, while total income grew by 21 percent to Rs 564.6 crore during the period under review.
PE firm Red Fort Capital focuses on Indian real estate and has invested in several projects. Besides Godrej, it has made investment in projects of Parsvnath Developers, The 3C Company and Lotus Green among others.