Godrej Industries’ arm sells 5% stake in Sobha for Rs860cr

Part of their strategy to monetize investments

MUMBAI: Anamudi Real Estates, the family office arm of Godrej Industries Group, has divested 47.37 lakh shares of Sobha Ltd in block deals on the stock exchanges. This sale, which totaled approximately Rs860 crore, is part of their strategy to monetize investments.

Before the transaction, Anamudi Real Estates held a 9.99 per cent stake in Bengaluru-based Sobha Ltd. Post-sale, their stake has decreased to around 5 per cent. The shares, sold at approximately Rs1,810 each, were acquired by both global and domestic institutional investors

According to market sources, the recent transaction will include a 90-day lock-in period on any further sales. The deal price is reportedly set at a 6 per cent discount to Sobha’s current market price.

As of July 25, Sobha’s shares closed at Rs 1,849 apiece on the BSE, marking a 1.35 percent increase. Listed on the Indian stock exchanges since 2006, Sobha Ltd is a prominent player in the South Indian real estate market and also has a presence in the Delhi-NCR region.

Sobha entering Mumbai market

Sobha Ltd has outlined an ambitious expansion strategy, with plans to enter the Mumbai luxury housing market. The company aims to increase its annual sales bookings to Rs30,000 crore within the next 4-5 years, representing a more than four-fold increase.

In May, Sobha Chairman Emeritus PNC Menon announced that the company would quadruple its equity capital to Rs10,000 crore over the next five years to support its expansion. The firm also plans to raise approximately Rs2,000 crore through a rights issue.

Founded by PNC Menon in 1995, Sobha Ltd is part of the Sobha Group, which also operates in Dubai through its real estate entity, Sobha Realty.