Godrej Properties buys back HDFC PMS stake in two projects
New Delhi: Godrej Properties has bought back HDFC Asset Management Company Ltd's nearly 50 percent stake each in the realty firm's two projects at Chennai and Chandigarh for an undisclosed amount.
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, sources said.
In a filing to the BSE, Godrej Properties said the company has bought back from HDFC PMS, its 49 percent stake in subsidiary Godrej Estate Developers, which is developing Godrej Eternia project in Chandigarh.
Similarly, Godrej Properties, part of Godrej Group, has given exit to HDFC PMS by purchasing its 49.9 percent stake in the subsidiary Godrej Sea View Properties, which is developing 'Godrej Palm Grove' project in Chennai.
The exit was provided as per the buy-out option available under separate agreements with the HDFC Asset Management Company for Godrej Eternia project at Chandigarh and Godrej Palm Grove at Chennai.
Post these transactions, the company said that Godrej Estate Developers and Godrej Sea View Properties have become its wholly-owned subsidiaries.
In the BSE filing, the company did not disclose the amount it paid to HDFC PMS to buy-back stakes in these two subsidiaries.
Godrej Properties is currently developing residential, commercial and township projects covering about 85 million sq ft in 12 cities.