Promoter Stake in Godrej Properties Rises in March Quarter

Promoter Stake in Godrej Properties Rises in March Quarter
New Delhi: Godrej Properties’ promoters stake in the company has increased by over 2 per cent to 74.95 per cent at the end of the March quarter.

Mumbai-based Godrej Properties is the real estate arm of the Godrej group.

According to the shareholding pattern filed on Tuesday with the BSE, the promoters’ stake in Godrej Properties has increased to 74.95 per cent as of March 31, 2016, from 72.85 per cent at the end of the December quarter.

Promoters’ stakes have increased due to amalgamation of GIL Vikhroli Real Estate Ltd (GVREL) with Godrej Properties.

GVREL was a wholly-owned subsidiary of Godrej Industries.

Accordingly, the public shareholding has declined to 24.59 per cent from 26.66 per cent in the review period.

Godrej Properties is currently developing residential, commercial and township projects spread across 115 million square feet in 12 cities.

The company recently announced setting up of a $275-million real estate fund, with Dutch pension fund APG as the lead investor, to acquire new housing projects for expansion of its business.

Shares in Godrej Properties, on Tuesday, ended 0.77 per cent lower at Rs 302.50 apiece on the BSE. Its market cap stood at Rs 6,541.88 crore.